Using Artificial Intelligence to Deliver a More Personalized Customer Experience

The explosive growth of structured and unstructured data, along with the availability of new technologies such as cloud computing and machine learning algorithms, have made the expanded use of artificial intelligence (AI) in banking possible. According to Goldman Sachs, AI will enable $34 billion to $43 billion in annual "cost savings and new revenue opportunities" within the financial services sector by 2025. With more data accessible than ever before, banks are actively working on opportunities to better integrate machine learning into their businesses. However, this does not have to mean a less personalized experience for customers. Rather, it is crucial for customer loyalty that, even with decreasing face-to-face interactions, customized interactions are the norm.