Unlocking the benefits of unstructured data in banking - FinTech Futures

The banking sector's digital transformation journey has come a long way over the past five years. Today, technologies like machine learning (ML) and artificial intelligence (AI) are becoming much more commonplace in banks' digital strategies. Until the arrival of challenger banks like Monzo and Starling Bank a little over five years ago, who showed the benefits that taking a digital-first approach could bring, traditional banks failed to adopt the digital transformation at the same speed as other sectors. While the banking sector has come a long way in its digital journey in recent years, the slow pace of adoption initially has had a knock-on effect on the sector, with other industries now far more advanced in their digital approach. The industry was an early adopter of nascent technologies and as a result, it is now using ML to help with early detection of diseases like cancer. We conducted our own research into the banking industry's digital journey, to see where technologies like AI and ML were being used and, crucially, where they were not.