The Financial Impact of AI Requires Machines and Humans Learning Together

According to the Digital Banking Report, the use of artificial intelligence (AI) by financial institutions of all sizes continues to escalate, as banks and credit unions better understand the benefits of the technology in reducing risk, improving operations, and enhancing the customer experience. While most organizations recognize that they are in the early stages of development, the pandemic has only accelerated this deployment. Much of the activity around the use of data, AI and machine learning in the banking industry has traditionally revolved around risk and fraud mitigation. More recently, a growing number of organizations have recognized how firms within and outside the financial services industry have used AI to improve personalization, customer communication and engagement. According to research by MIT Sloan Management Review and the Boston Consulting Group, the challenge of achieving data and analytics maturity has moved from understanding the power of AI to actually recognizing the financial benefits of the technology. Unfortunately, the research found that only 10% of companies that deploy AI actually realize significant financial benefits.