If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Whether you're new to the market or not, you need to keep up with the trends to stay relevant. When you know what's going on in your industry, you can take proper steps to stand out and grow. That's especially important in fintech, where technological developments are constantly disrupting financial services. Since the digital market is very competitive, staying up-to-date with trends is key to cutting through the noise of the competition. We sat down with Guy El Khoury, the CEO of Accomplish Financial, to discuss the latest trends in the fintech industry.
The financial sector is competitive, dynamic and constantly evolving. In order to thrive, banks must think innovatively and act deliberately -- particularly when it comes to implementing Artificial Intelligence (AI) into their operations. AI systems automate transactions and user engagements at scale, and bring efficiencies throughout a financial value chain, including mitigating risk and maintaining compliance and improving customer-facing services. In this post, we delve into some ways AI can grow a bank's business by making banking services more intuitive and personalized, and by providing more services than what's currently available. AI-fueled virtual agents (VAs) like Amelia provide banking customers with enhanced services via 24/7, queue-free and multi-channel access to personalized information.
As more and more people use mobile devices, financial services are going mobile. According to PwC's 2018 Digital Banking Consumer Survey, the number of people who prefer to use their smartphones for banking has increased. With mobile banking, customers can manage money without going to a physical branch. The strong trend toward mobile banking resulted in a growing number of digital-only banks with no physical branches. They are particularly popular among Millennials, who often use smartphones for financial transactions.
Innovation continues to be a strategic priority in the banking industry, with new business models emerging including partnerships with fintech startups. As competition expands and consumer expectations for enhanced digital banking services increases, new business models in banking are emerging and being deployed in real applications. Investment in innovation and in technologies like artificial intelligence are transforming the way rich data is analyzed and applied, creating the potential for real-time contextual banking engagement. The innovation agenda has become intertwined with the digitalization agenda, with both requiring changes in culture and back office operating systems. Investment in delivery channel innovation continues to be the most important focus for the banking industry, responding to expectations set by other industries.