Will AI Change Banking for Good?

A recent study of 34 major banks across several geographies (US, EU, Singapore, Africa, Australia, India) by MEDICI Team found that 27 out of these 34 banks have implemented AI in their front-office functions in the form of chatbots, virtual assistants, and digital advisors. Across these regions, some of the most prominent banks in this space are Bank of America, OCBC, ABN Amro, YES BANK, etc. Front-office applications have certainly seen a significant increase in intensity, scope, and adoption. In reality, however, the AI strategy in the US banking industry is far more diverse. Automation is one of the more explored areas of AI/ML application. The estimated global market potential of RPA is projected to be $8.75 billion by 2024.