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AI Challenges In Banking: The Case For Being Data-Led

Artificial Intelligence in Banking
Three AI Challenges in Financial Services and How to Solve Them

Artificial intelligence has the potential to disrupt and transform key business functions in financial services (FS).  We expect to see the continued application of AI to automate processes, improve management of credit risk and reduce fraud. However, the ability for banks to create tailored customer experiences is where the key challenge and opportunity lies, especially for incumbents.

With the ability to collect and analyze vast quantities of data, AI can enable a deep understanding of customers and deliver highly personalized services at scale. But to achieve realistic AI goals, financial services players need to identify and respond to a set of challenges.

To unlock the potential of AI, we expect FS companies to focus on three key areas in the next few years:

  • Improving technology infrastructures
  • Developing robust AI strategies
  • Delivering personalization at scale