5 ways the World Economic Forum says AI is changing banking

AI will fuel'self-driving finance' The combination of open banking and AI will put customers in a "self-directed mindset" going forward, Galaski said. Those that can provide the most AI-based self-help will have a strong competitive advantage. The ability to tap into both financial and nonfinancial data will be important here, McWaters said. "In exactly the same way that you wouldn't expect an adviser to be able to make good financial decisions for you knowing only the contents of your personal balance sheet, an AI requires an understanding of preferences, locations and behaviors that exist well outside the realm of purely payments and deposits," McWaters said. "So if you want to have recommendations that are truly individualized, that's going to require the input of data from outside of the historical data of traditional financial institutions."