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AI Leading the Future of Banking

By CIOReview | Wednesday, March 20, 2019

Artificial Intelligence is mainly dependent on data, and banks are data companies with terabytes of data. Most banks have been scattered with models ranging from customer support chatbots to price elasticity analytics in their approach to AI deployment. However, implementing one model at a time without an overriding strategy is certainly a remedy for failure, given the hundreds of possible use cases that AI now provides.

The successful Artificial Intelligence strategies are driven by four factors: the improvement of data assets, the scaling of infrastructure to allow extensive experimentation, the recruitment of employees to find new AI cases, and the search for ways in which Artificial Intelligence can solve customer problems beyond the provision of banking services.

Check out: Top Banking AI companies

Banks need to develop a systematic way of building up their data assets with immediate access to both historical and real-time internal and external sources. At the same time, if a company wants to deploy a particular AI application, a bank must subtly balance the proactive collection of various datasets against a reactive data search. The deployment of an AI model is not particularly difficult, but it is a challenge for a million people because of the unpredictability of client contexts. And the management of multiple models, including hundreds of models, increases the difficulty by a few more notes.

It is important for employees to see AI as an opportunity, not a threat to their safety at work. Artificial Intelligence can be widely used for supporting people as well as fully automated processes. Employees need to scout for them to identify potential opportunities. By using robots to perform repeated tasks, organizations can open new business models that better serve customers while they free themselves.

A Good Doctor AI service has been implemented by Ping An, a Chinese AI-first financial service provider. It allows remote diagnosis of a health concern by using a chatbot to understand the situation of a patient, initially diagnose the patient, and direct the patient to the most appropriate doctor. AI has become a natural fit for banks and is increasingly appropriate for other companies as all industries are becoming increasingly digitalized.