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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Today, a nexus of disruptive technologies is becoming omnipresent in banking. In a survey we commissioned with the Economist Intelligence Unit (EIU) with 305 global banking executives relating to the digitization of banking, 66% said that new technologies will continue to drive global banking in the next five years, over regulation and changing customer behaviour.
In the past, women have had to be more flexible and adapt their lives around work but, with today’s challenges, work has had to become adaptable to life.
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.
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.
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.
The latest survey on AI from Microsoft and EY found that an unsurprising “65% of organisations in Europe expect AI to have a high or a very high impact on the core business.”
According to a recent survey by the Economist Intelligence Unit (EIU), for Temenos, only cyber security will be a bigger primary focus for technology investment than AI in the next few years.
During the second half of the twentieth century, Artificial Intelligence (AI) was an idea that only featured in science fiction movies. Such films often depicted a future dystopia where humanity struggles at the whim of advancing technology.
Prema Varadhan, Chief Product Architect and Head of AI at Temenos, tells FinextraTV about the recently launched Economist Unit report on AI and the thinking behind the research.