How the Adoption of AI and Automation in Banking Is Evolving

Banking is perceived to be a conservative industry, but necessity is now forcing the sector to seriously consider the opportunities presented by artificial intelligence (AI) and automated decision-making. On one level, the United Kingdom's Competition and Markets Authority's Open Banking revolution is really forcing banks to rethink how they use new technologies to engage with customers and has created a far more competitive banking and lending market. On another, younger generations (the under 35s) are also presenting new challenges for banks. This digital generation expects seamless, flexible multi-channel platforms. They want fast responses and effective solutions to their problems, right now.