AI has the power to make banking proactive rather than reactive as it is today. To enable that, banks will need to have the right data architecture to capitalize on the opportunities that AI presents.
Though mostly still in its infancy, Artificial Intelligence, AI, has risen to the top of the list of priorities for investment in the new digital banking landscape. As banking continues to digitise, making so much of the work homogenous in terms of costs, basic products and services, the need for players to differentiate themselves grows.
This drive for differentiation to gain competitive traction is propelling the demand for AI. Banks are seeking out more modern and faster ways of personalising and enhancing their customer’s experience. By using AI, a bank can customise its products to the level of servicing a market of one.