Banks Are Digging Deeper into Potential of Artificial Intelligence

Many banking institutions have invested in artificial intelligence for better insights and improved business decisions. AI has primarily been used as an extension of traditional analytics to work through thousands of data points and to determine which customers are most likely to respond to a particular offer or to surface patterns and trends within those segments. In this way AI's most common use has been to drive cross-selling and to identify customers who may leave. But AI has significantly more potential. Banks are finding that just because a set of customers are in the same segment does not mean they act the same way or have similar preferences.