Competitive Survival in Banking Hinges on Artificial Intelligence

The'AI in Banking' Digital Banking Report surveyed banks and credit unions globally to determine the extent of development of artificial intelligence functionality in the banking industry. The findings indicate that industry-wide deployment is far behind other industries. The door is wide open for forward-thinking financial institutions to leverage the data, insights and advanced analytical tools at their disposal to improve back-office operations and contextual personalization. That said, research indicates that most banks and credit unions – and the industry as a whole – have not kept pace with consumer expectations around digital capabilities or digital engagement compared to what other industries are providing. Nowhere is this more evident than with the banking industry's deployment of artificial intelligence (AI).