AI in Banking - How Can Banks Meet the AI Challenges?

Artificial Intelligence (AI) is enabling digital transformation in the banking industry. As per a joint research conducted by National Business Research Institute and Narrative Science in 2020, about 32% of banks are already using AI technologies such as predictive analytics and voice recognition, thus increasing the need and demand for AI development services globally. With AI, banks can enhance customer experiences, secure payments, deliver personalized content, and improve ROI. In fact, McKinsey estimates that AI can add up to USD 1 trillion of value each year for global banking. As banks are implementing and integrating AI technology into their business processes, they are also facing unique challenges, which is hampering the technology's adoption at full scale.