Artificial Intelligence in Banking- Series 1
Despite the nascent stage of Artificial Intelligence (AI) adoption, its benefits are already being realised at many large banks across the globe. According to Tata Consultancy Services (TCS) research, “banking and FS executive found that investment in AI helped them reduce production costs by 13%. Additionally, executives reported a 17% average revenue increase in the area of their AI initiatives”. At one European bank, a shift from statistical regression to machine learning for credit analysis increased mortgaged collections by over 30%
The changing world of technology in financial services
Cognitive and analytical technologies are set to bring about widespread change in the financial services industry, not just when it comes to “defense” functions such as risk and compliance, but also in “offence” activities that drive marketing and revenue growth.