While there are many important technological trends impacting the banking industry, none may be more important than artificial intelligence (AI) and the ability to use data, advanced analytics and digital technology to deliver a better customer experience. Technology continues to impact the banking industry, as more and more transactions move from physical to digital channels. The application of big data insights and advanced analytics (machine learning) has changed the internal operations, external experiences and competitive battlefield in financial services.With so much change, banks and credit unions are rethinking their business models for the future. In a study from Accenture, it is proposed that the winners of the future will be characterized not only by technological capabilities, but also by the ability to use technology to empower people within the organization. According to the 28-page report, Technology Vision 2017, "It is that combination of people and technology that will truly create competitive advantage in the banking industry of the future."

While there are many important technological trends impacting the banking industry, none may be more important that artificial intelligence (AI) and the ability to use data, advanced analytics and digital technology to deliver a better customer experience. Technology continues to impact the banking industry, as more and more transactions move from physical to digital channels. The application of big data insights and advanced analytics (machine learning) has changed the internal operations, external experiences and competitive battlefield in financial services.With so much change, banks and credit unions are rethinking their business models for the future. In a study from Accenture, it is proposed that the winners of the future will be characterized not only by technological capabilities, but also by the ability to use technology to empower people within the organization. According to the 28-page report, Technology Vision 2017, "It is that combination of people and technology that will truly create competitive advantage in the banking industry of the future."

Technology changes are all around us, and coming faster than ever. Today, every business is a digital business, and people are engaging with and relying on technology more than before. "While technology has long been developed to serve specific business needs, we are now in an era where people are central to the design and development of technologies," says Bhaskar Ghosh, group chief executive, Accenture Technology Services. Accenture's Tech Vision for 2017 stresses on'technology for people' as the core theme. What is driving this finding?

Four out of five Australian executives agree that technology development is no longer a linear process, but is happening exponentially. In the Accenture Technology Vision 2017, the overriding message is that as technology becomes more sophisticated, it's not the technology itself that's driving change – it's us. The Technology Vision 2017 contains five key trends, which underpin the overarching theme of a "people first" approach to business and technology. Artificial Intelligence is moving beyond a back-end tool for the enterprise and taking on much more sophisticated roles within technology interfaces. In fact, over 71 percent of Australian executives expect AI to significantly or completely transform their industry over the next three years.

In the next stage of artificial intelligence adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to a new report from Accenture. According to the report, Accenture Banking Technology Vision 2017, more than three-quarters (78%) of bankers believe that AI will enable simpler user interfaces that will help banks create a more human-like customer experience. In addition, four out of five respondents (79%) believe that AI will revolutionize the way banks gather information and interact with customers, and three-quarters (76%) believe that within three years, banks will deploy AI as their primary method for interacting with customers. "Consumers' diverse needs and priorities are forcing financial services firms to redefine how they interact with them to determine the best products and services to meet individuals' needs," said Alan McIntyre, a senior managing director at Accenture and head of the company's Banking practice. "AI-enabled tools can help banks identify consumer preferences and empower their workforces to react with insight and emotional intelligence, which is essential for the development of meaningful consumer relationships. The challenge will be how quickly banks can implement these new technologies, many of which are not compatible with their existing IT infrastructure."

NEW YORK, LONDON & HONG KONG--(BUSINESS WIRE)--In the next stage of artificial intelligence adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to a new report from Accenture (NYSE:ACN). The report, Accenture Banking Technology Vision 2017, draws on the analysis of an advisory board of more than two dozen individuals, interviews with technology luminaries and industry experts, and results of a survey of more than 600 bankers. According to the report, more than three-quarters (78 percent) of bankers believe that AI will enable simpler user interfaces that will help banks create a more human-like customer experience. In addition, four out of five respondents (79 percent) believe that AI will revolutionize the way banks gather information and interact with customers, and three-quarters (76 percent) believe that within three years, banks will deploy AI as their primary method for interacting with customers. "Consumers' diverse needs and priorities are forcing financial services firms to redefine how they interact with them to determine the best products and services to meet individuals' needs," said Alan McIntyre, a senior managing director at Accenture and head of the company's Banking practice.