The impact of artificial intelligence in the banking sector & how AI is being used in 2020

Most banks (80%) are highly aware of the potential benefits presented by AI, per an OpenText survey of financial services professionals. In fact, many banks are planning to deploy solutions enabled by AI: 75% of respondents at banks with over $100 billion in assets say they're currently implementing AI strategies, compared with 46% at banks with less than $100 billion in assets, per a UBS Evidence Lab report seen by Business Insider Intelligence. Certain AI use cases have already gained prominence across banks' operations, with chatbots in the front office and anti-payments fraud in the middle office the most mature. Banks can use AI to transform the customer experience by enabling frictionless, 24/7 customer interactions -- but AI in banking applications isn't just limited to retail banking services. The back and middle offices of investment banking and all other financial services for that matter could also benefit from AI.