Artificial Intelligence Is Already Deep Inside Your Wallet – Here's How - PaymentsJournal

Artificial Intelligence Is Already Deep Inside Your Wallet – Here's How Artificial intelligence (AI) is the key for financial service companies and banks to stay ahead of the ever-shifting digital landscape, especially given competition from Google, Apple, Facebook, Amazon and others moving strategically into fintech. AI startups are building data products that not only automate the ingestion of vast amounts of data, but also provide predictive and actionable insights into how people spend and save across digital channels. Financial companies are now the biggest acquirers of such data products, as they can leverage the massive data sets they sit upon to achieve higher profitability and productivity, and operational excellence. Here are the five ways financial service companies are embracing AI today to go even deeper inside your wallet. Your Bank Knows More About You Than Facebook Banks and financial service companies today live or die by their ability to differentiate their offering and meet the unique needs of their customers in real-time.