Tomorrow’s AI-Enabled Banking

Abstract

The dynamic nature of the financial needs of the customers at different junctures and the hardships faced with the traditional methods of banking has led to transformation of the operational model of banks. Artificial intelligence driven decisions and automated actions are helping banks serve their customers better in a systemically responsible way. Use of AI in consumer finance has led the banks to identify the individual needs and states and personalize their outreach with customized products. AI is helping the banks to serve their small and medium enterprise customers with the privileges of large enterprises. Personalization of wealth management products and services is also possible by using the latest techniques in AI and machine learning. Post the financial crisis, new techniques using AI are being developed to timely assess credit and operational risks and be in a position to mitigate them. Also, with the advancements in cognitive AI, banks are now able to service their customers in a hassle-free, speedy, paperless and personalized manner.