Why Artificial Intelligence will separate winning banks from losers amid COVID-19

Banking experts from around the world believe that Artificial Intelligence (AI) will become the differentiating factor between banks that will succeed and those that will fail, in the new era of global banking. A new report by The Economist Intelligence Unit, which was sponsored by Geneva-based banking software company Temenos AG, surveyed some 305 banking executives from around the world. The report also noted that the COVID-19 pandemic has put global banks under immense pressure to readjust their strategies and align with the technological requirements of the 21st-century banking industry. "Retail, corporate and private banks were already under pressure to deploy new technologies and reshape their company cultures in order to compete with big tech firms and payment players. Now, as digital banking surges due to the coronavirus pandemic, this task is more pressing than ever," said some part of the report.