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Why Banks Should Use AI to Respond to Customer Needs

Prema talks about how AI is powering distribution services in Temenos Infinity.

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Video, April 20, 2020

Finews.com – Prema Varadhan: «Banks Should ‘Build Back Better’»

With wealth managers seeing their margins squeezed, has Temenos found a digital silver bullet to help? finews.com asks the Genevan software firm's chief product architect Prema Varadhan.

Blog

Extracting Explainable Value from Artificial Intelligence

The latest Economist Intelligence Unit (EIU) report: ‘Overseeing AI: Governing artificial intelligence in banking’ sponsored by Temenos, takes a deep dive into the complex world of Artificial Intelligence (AI). Like many new technologies before it, AI is still at the stage where it has to prove itself to be useful to bank customers. There is still healthy scepticism in the minds of customers around the use of AI by banks, and it will take time for that to be broken down.

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Will Banks Have to Regulate the Speed at Which AI Spreads Through Their Systems?

The report says that the guidance that regulators have offered so far can be described as “light touch”, taking the form of information and recommendations rather than rules or standards. This is a potential minefield for banks which think AI is a type of wonder-solution. The report postulates that this 'light-touch' approach is to avoid drying up innovation. Another reason how AI will evolve. AI is still in its early years and not many vendors really understand its potential or likely direction. As the report points out, there is no single expert who can answer every query about how AI works.

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New Economist Intelligence Unit Report: Governing Artificial Intelligence in Banking

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New Economist Intelligence Unit Report: Advanced Technologies Will Revolutionize Banking

Before the Coronavirus crisis, retail, corporate and private banks were already under pressure from Big Tech firms and Payment players. They needed to transform their technologies and cultures to create engaging digital experiences. With the effects of the pandemic, the need for transformation is now even greater.

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Why Banks Should Use AI to Respond to Customer Needs

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