AI in Banking and Financial Services: Current and Future Trends

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AI in Banking and Financial Services: Current and Future Trends

Article
Posted January 21, 2019 in Business Technology & Digital Transformation Strategies, Data Analytics & Digital Technologies Cutter Business Technology Journal


AI fintech

Based on findings from a Cutter Consortium survey examining the adoption and application of AI technology, this article looks at six AI adoption drivers in banking and financial services: (1) competition; (2) the availability of massive data sets; (3) the growing number of commercial AI-based applications; (4) innovation among the players; (5) a growing understanding and appreciation of the potential of AI, ML, and natural language processing (NLP); and (6) increasingly sophisticated user interfaces and customer experience/engagement.