Why Data and Artificial Intelligence Will Transform the Future of Banking

The importance of data and artificial intelligence is at the center of almost all conversations around digital banking transformation. Until recently, actual use of data and AI has lagged behind the level of interest in the banking industry. Several studies done by the Digital Banking Report confirm that banking and credit union leaders believe AI provides a competitive advantage, yet broad enterprise adoption beyond the use for security and risk was less than 25%. This is not a recipe for success. The good news is that while much work still needs to be done in the deployment of data and advanced analytic solutions, the pandemic hastened advances in data collection, AI use cases and skills training.