Why skimping on speech AI technology could cost banks billions

For years, billions in venture capital has poured into fintech banks like Chime and N26 on the bet such upstarts can wrest away the lion's share of an estimated $469 trillion in assets held globally by other financial institutions and retail banks. Banks have held their own through the pandemic, reporting record 2021 profits on low chargeoff rates, rising customer deposits and thriving investment opportunities. Yet a new survey of 142 banking executives around the world, conducted by Capgemini and Qorus for the World Retail Banking Report 2022, found that 70% of them believe they lack foundational data analysis and AI capabilities to compete long term. The technology empowering decentralised finance – where consumers bank when and where they want – is now augmented with a more sophisticated, AI-driven banking experience. Mobile apps enable more than just bill pay as AI-infused virtual assistants alert customers to potential fraudulent activity or transfer money via voice commands.