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How AI Is Changing Retail Banking

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With technological advancement, artificial intelligence is set to touch and modify the financial sector, specifically retail banking in many different ways. It’s still the beginning stages of AI adoption for most banks. A Narrative Science survey highlighted that 32 percent of financial executive participants utilize AI technology, such as voice recognition and predictive analytics. Moreover, an Accenture survey noted that 76 percent those surveyed believe most banks will use AI interfaces primarily for customer interaction by 2020. But AI is changing retail banking in more ways than one. Here’s how:

Automated Services via RPA

IT costs are a pain point of retail banking, as they can account for as much as 10 to 15 percent of a bank’s total annual expenditures. While some of these costs are attributable to improving security or enhancing services, maintaining legacy systems account for 70 percent of banks’ IT expenses. However, AI offers an opportunity for reducing these costs via automated services. For example, robotics process automation (RPA) enables you to create a platform that is automated to support functions in various departments, such as front-line operational support for new account entry or back office support for writing off bad debt. An Accenture report notes that RPA …

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