5 Ways Artificial Intelligence Is Already Transforming the Banking Industry

From virtual assistants like Siri and Alexa, to chatbots created by Facebook and Drift, AI is having a significant impact on the lives of consumers. A study from Statista showed that the number of consumers using virtual assistants worldwide is expected to exceed one billion in 2018. Additionally, a 2018 survey by Accenture projected that 37 percent of U.S. consumers will own a digital voice assistant (DVA) device by the end of 2018. It is readily apparent how AI-powered technology is making inroads into everyday life through DVAs and other consumer products, but AI is also having a transformative effect on an industry that impacts virtually all consumers and businesses: banking. Here are five ways that AI is already transforming the banking industry.