Retail Banking: The Scope of AI Within Financial Services
For retail banks looking to build or maintain a competitive advantage, AI offers the potential to automate core business processes and create impactful customer experiences.
On the business side, AI can be used to automate risk assessments, fraud detection and adherence to regulatory and compliance requirements. On the customer side, it can be used to provide personalized financial guidance, assist with customer service inquiries and even personalize the customer journey by recommending appropriate products and services.
AI isn’t poised to simply make a splash within the financial services industry — it’s going to sweep through financial institutions like a tidal wave, reorienting everything in its path. Banks can either prepare for its coming impact or risk falling behind their competitors.
However, AI isn’t simply a “plug and play” technology. As banks increasingly adopt these technologies into their platforms and processes, they’re going to encounter various challenges and constraints that will require deliberate planning and execution. This white paper highlights those challenges and offers exclusive insights into how retail banks can be successful in their adoption and implementation of AI.