From data to decisions: The rise of AI in retail banking

Artificial intelligence, or AI, has undoubtedly been the 2019 buzzword in financial services. While not new – the term "artificial intelligence" was coined in 1956 – AI is seemingly becoming the future of everything. The hype around its potential is certainly justified economically. According to a recent report by Autonomous Next, the cost savings achieved through AI applications across financial services – including banking, investment management and insurance – are expected to reach $1 trillion by 2023; $447 billion of which would be realised in the banking sector alone. Currently, one of the aspects of AI most applicable to banking is machine learning.