Banking on AI

It is hard to imagine a world without the banking industry being the gatekeeper of the global financial system. If banks want to grow market share and extend their value, they have no choice but to wholeheartedly adopt data-driven enabling technologies and their acronyms: #AI, #ML, #DL, #NLP, #NLG, #RPA, #RaaS…..which I bucket as advanced analytics and decisioning. The industry is plagued with inefficiencies that will be the death of banks. Under the hood, most institutions still operate using older, siloed, and static core systems with poor quality, inconsistent, and heavily customized data. They have accumulated a decade of shelfware, are slow to change, and are barely managing their compliance obligations.