The capabilities and potential of Artificial Intelligence are huge. They are the most evident in the banking and finance field. The real benefit is in financial institutions’ ability to understand where and how it makes sense to apply these tools first, and where they can derive the greatest value in the fastest way.
One way of using AI and machine learning is to better understand their customer’s beyond common place demographics. Instead of looking at the basics such as age, gender or income Artificial Intelligence can generate deeper analysis by analyzing customer behaviors, patterns and financial history. This allows banks to become more customer-centric by knowing as much, if not more about eh customer than they may know about themselves. This trend is already picking up by helping banks personalized their sales approach per customer and is giving the rise to robot-advisors.
Enhancing customer insights, in particular, is one of those areas where AI can really be leveraged to take advantage of amazing pattern recognition to churn through data and discover things that humans either couldn’t, or would take far too long to be effective. The customer expectation of real-time insights and recommendations is only optimized with AI capabilities.