Big Data in Banking – AI and Data Management Use-Cases Emerj

Ayn began her career in journalism and went on to work in corporate communications at Accenture for seven years before joining the content and research team at Emerj. Banks are in one of the best positions for leveraging AI in the coming years because the largest banks have massive volumes of historical data on customers and transactions that can be fed into machine learning algorithms. We recently completed our Emerj AI in Banking Vendor Scorecard and Capability Map in which we explored which AI capabilities banks were taking advantage of the most and which they might be able to leverage in the future. When it comes to big data in banking, banks might be primed to think about using their customer data to build a conversational interface or chatbot to improve the customer experience and, perhaps most importantly, attract millennial customers who are used to getting their needs met quickly over the internet. Despite this, banks are unlikely to leverage their customer data nowadays. In fact, although over 35% of the press releases we explored for our report mentioned conversational interfaces, they represent only 8% of the total funding for AI vendors selling into banking.