Five Ways in Which AI Is Changing Banking As We Know It

There was a time when every neighborhood bank in North America and Europe was acquired by or merged with a larger institution. By 2000, global mega-banks offered fewer choices to consumers looking for competitive interest rates and other services. But the too big to fail banks are now facing competition because of a resurgence of customer-friendly, local banks. There is an even bigger challenge: Technology companies have been applying for financial licenses that would allow them to enter the digital payments space. As traditional banks grapple with the challenges posed by FinTechs, legacy constraints and traditional operational models, artificial intelligence (AI) is emerging as the savior.