2019 was a busy year for the banking sector. With many reformative changes implemented in the previous year, it is anticipated that banking sector will perform to its utmost potential in 2020.

Smarter banking with AI

Almost every field has been fortunate enough to reap the benefits of artificial intelligence. From self-driving cars, verification softwares to motion-sensing equipment and manufacturing facilities, artificial intelligence has proved its worth with overwhelming victory. Newer technologies have made conventional system go obsolete, exonerating tedious processes and replacing them with much more advanced and efficient modus operandi.

AI has already made a huge impact on the banking sector. According to AISSG, the global spend on AI systems for banks has exceeded £5bn in 2019, and it is expected to grow exponentially in the coming years.

What according to you is so appealing about AI?

  • Numerous Applications
  • Unlimited personalisation to suit varying needs
  • And potentially inexpensive operations

It has been reported that AI has resulted in faster settlement of queries, thanks to chatbots and robo-advisors. This has returned in higher customer satisfaction and significantly improved customer-retention.

In addition, AI is also beneficial in analysing critical pool of data such as big data, business insights, financial forecasting and better customer data management. Another compelling aspect of AI is machine learning. Through the means of machine learning, systems can themselves diligently study banking data to identify new trends for every customer touchpoint, optimising processes and adding to cost-savings.