How Data, AI & Machine Learning Supercharge Personalization for Banks

The problem with banking's use of artificial intelligence technology is not always in a bank's inability or unwillingness to invest in it. In fact, more financial institutions are spending on AI and related technologies as banking leaders strive to build out customer personalization. The problem instead can lie in a financial institution's failure to align the technology with the bank's strategy. As a result, a bank or credit union might buy (or build) the technology, but then abandon it shortly after or fail to follow through with it, a McKinsey report points out. The report uses an unnamed large retail bank as an example, one that has set aside resources in the budget for machine-learning (ML) technology -- one part of AI -- to automate marketing and customer personalization campaigns.