Q&A: How can AI be used in banking?

The financial services or banking industry is an essential part of our everyday lives but the institutions who adopt and integrate artificial intelligence (AI) will have a clear advantage for their future business success. Traditionally, banks provided consumers a safe and secure method of saving and storing their money, credit to buy large purchases such as homes and automobiles, and other services such as wealth management. Though the general purpose of banks and financial institutions have remained the same, the way we "bank" has changed significantly within the last few decades. With the rise of telephone and internet banking in the '80s and '90s and now with the disruption of fintechs, we've gone from going to a brick and mortar institution or ATM to "pull out cash" to a more cashless society of peer-to-peer (p2p) payments such as Venmo, PayPal, Zelle, or Cash App. We can't forget contactless payments such as Apple Pay, Google Pay, and Samsung Pay that may have you wondering if we even need banks at all.