2018-2020: How AI and Machine Learning will Transform the Banking Industry

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I remember the first time I lost my ATM card at a rickety, worn-out local machine. Smudged by the not-so-gentle pokes of a thousand fingers, it swallowed my card slowly, and all I could do was feel the back of my neck go warm with panic.

What followed is anyone’s guess. Incessant calls to customer care, getting redirected to the automatic IVR with its many unintelligent responses, followed by endless call-waiting. After a long forty-five minutes, I successfully blocked my card.

To the uninitiated, the term Artificial intelligence brings to mind the image of some Terminator-esque entity out to take over our lives and our jobs. But to those that are aware of its potential, AI and machine learning in banking offer a better and more productive way of doing things that were previously time-consuming and far from customer-friendly.

Something as simple as blocking a card when the ATM swallows it up.

“46% of large FinTech companies consider AI to be one of the most relevant emerging technologies to invest in within the next 12 months, as per the PwC Global FinTech Report 2017.”

AI and Machine Learning have emerged as one of the hottest topics of discussion in industries across the globe. But what …

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