Banks must get on AI bandwagon now – new Finextra research

The escalation of interest in AI in financial services during the past 12 months is justified, given that AI represents the next wave of computing and will unleash major change in all industries, bringing benefits in all aspects of our lives. For financial institutions, specifically, AI represents an opportunity to radically improve efficiency, risk management and fraud detection as well as customer service. These are among the key findings of a new research paper, entitled: The next big wave: How financial institutions can stay ahead of the AI revolution, featuring interview with top banking executives and produced by Finextra in association with Intel. As Roberto Ferrari, managing director, CheBanca!, puts it in the paper: "AI will become the most defining technology of the new banking and financial services of the future." There is no question, banks need to move, the research finds, but to stay ahead of the AI revolution they must navigate a complex array of techniques, possible application areas, cultural challenges and technology decisions, to ensure they lay solid foundations for their AI-driven futures.