Banking Must Move From Mobile-First to AI-First

While there are many important technological trends impacting the banking industry, none may be more important that artificial intelligence (AI) and the ability to use data, advanced analytics and digital technology to deliver a better customer experience. Technology continues to impact the banking industry, as more and more transactions move from physical to digital channels. The application of big data insights and advanced analytics (machine learning) has changed the internal operations, external experiences and competitive battlefield in financial services.With so much change, banks and credit unions are rethinking their business models for the future. In a study from Accenture, it is proposed that the winners of the future will be characterized not only by technological capabilities, but also by the ability to use technology to empower people within the organization. According to the 28-page report, Technology Vision 2017, "It is that combination of people and technology that will truly create competitive advantage in the banking industry of the future."