How Artificial Intelligence Will Change Retail Banking

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With technological advancement, artificial intelligence is set to touch and modify the financial sector, specifically retail banking in many different ways. A Narrative Science survey highlighted that 32 per cent of financial executive participants utilizes AI technology, such as voice recognition and predictive analytics. Moreover, an Accenture survey noted that 76 per cent of those surveyed believe most banks will use AI interfaces primarily for customer interaction by 2020. But AI is changing retail banking in more ways than one. IT costs are a pain point of retail banking, as they can account for as much as 10 to 15 per cent of a bank's total annual expenditures.