Artificial Intelligence in Indian banking: Challenges and opportunities

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Artificial Intelligence (AI) is fast evolving as the go-to technology for companies across the world to personalise experience for individuals. The technology itself is getting better and smarter day by day, allowing more and newer industries to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. The rudimentary applications AI include bring smarter chat-bots for customer service, personalising services for individuals, and even placing an AI robot for self-service at banks.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

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The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

#artificialintelligence

The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


MEDICI Top RegTech Players Leveraging AI for Product Offerings

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Globally, banks have 10–15% of their staff dedicated to compliance on average. According to a study cited in the Cost of Compliance 2018 Report, on average, regulatory divergence (costs, risks, impacts) costs financial institutions 5–10% of their annual turnover. This consumes senior management's time, as well as capital that could otherwise be focused on identifying emerging risks in the financial system. Ultimately, these costs are a barrier to international growth – the findings conservatively infer more than $780 billion annually in costs to the global economy. These challenges have given rise to a new kind of player – Regulatory Technology (RegTech) startups.


How Digital 2.0 Is Driving Banking's Next Wave of Change

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DIGITAL BUSINESS August 2017 2. 2 How Digital 2.0 Is Driving Banking's Next Wave of Change Digital Business EXECUTIVE SUMMARY In the last few years, a wave of digital technologies changed the banking landscape as we know it. Social and mobile altered the way banks engage with customers. Analytics enabled hyper- personalized offerings by making sense of large datasets. Cloud technologies shifted the computing paradigm from a Cap-Ex-oriented model to a more flexible Op-Ex model, enabling delivery of multiple business processes as services from third-party platforms. Now, a second wave of disruption, or Digital 2.0, is set to drive even more profound change.