Artificial Intelligence in Banking

Communities across the county depend on local banks to keep their money safe and help keep them on the right track when it comes to their spending.  Now artificial intelligence may add to your bank’s ability to help its customers.

According to a report by Capgemini’s Digital Transformation Institute the financial sector has to potential to increase their global revenue by $512 billion, if artificial intelligence is used correctly and efficiently.

Automated software can help banks with their physical and cyber security.  New artificial intelligence technologies are becoming available that detect threats and notify IT personnel immediately.  This is smart software that can actually learn from identifying patterns instead of needing to be programmed to spot specific threats.

It can also be used to help with money management and investments.  Some AI technologies can even help to make investment suggestions and predictions.

Only 4% of respondents in the Digital Transformation report said that they had invested in artificial intelligence technology, which means that it is still a long way out before AI will be seen in most every bank across the country. 

However, community banks should make sure that they are preparing themselves to start incorporating AI into their business.  If AI is the right solution for your bank, make sure that money is being put aside to make the change.  You also have to consider how much control you will allow AI to have in your bank.  An AI audit team will be necessary to make sure that the machine is working correctly and fairly.

Story via BizTech