How AI services are transforming banking

Artificial intelligence (AI) is entering the mainstream at different paces for different industries. The insurance industry has so far outpaced the banking and asset management industries in terms of how frequently they use AI services to make important business decisions. While 54 percent of insurance companies are already using AI for these purposes, only 34 percent of banking institutions are doing the same. But banking's adoption of AI is projected to grow rapidly over the next few years. According to a survey from Narrative Science, 32 percent of financial institutions are using AI technologies for multiple banking purposes, and more than half of non-adopters plan to embrace AI by the end of 2018.