AI to transform global banking, execs say - Fintech News

Artificial intelligence (AI) and machine learning will shape the global banking industry over the next five years, according to a survey of industry executives. The research, conducted by the Economist Intelligence Unit in partnership with software company Temenos, found that more than three quarters (77%) of the 305 banking executives questioned thought AI would be a key differentiator between successful and unsuccessful banks in the next few years. In particular, AI was set to improve the customer experience, respondents agreed, with 28% saying this would be a key use for the technology. Two thirds (66%) of respondents said new technologies such as AI would drive the development of the global banking industry over the next five years, compared to 42% who agreed with this when asked last year. Separate research published in February by Juniper reported that AI and similar technologies were "crucial" to fighting fraud as online scams became more advanced.