As banks shift to Intelligent Banking: AI takes center stage

In the battle for best-in-class customer experience and innovation, incumbents still come up short compared with today's agile new players. Banks are grappling with a bloated technology infrastructure that isn't aging gracefully, creating mid- and back-office ineffectiveness. With historically low proactive investment from banks in IT enhancements, many firms find it challenging to provide customers with the expected last-mile experience. Did you know that middle-office employees use around 80% of their time to gather data from systems, but use only 20% to analyze the data to make sound decisions? In my view, these mid-office bottlenecks, coupled with pandemic setbacks and challenges to economic growth across the globe, are making banks' digital transformation journey steep, yet imperative to serve customers well. According to Capgemini COVID research, 57% of consumers turned to digital banking at the onset of the pandemic and say they will continue even after the crisis resolves.