Banking on AI as the future of the banking industry

Banking on AI as the future of the banking industry

We are on the cusp of Artificial Intelligence (AI) becoming the norm, thanks to the falling cost of computing power, the availability of huge volumes of data, and, of course, improved algorithms. AI is transitioning from something that makes our lives more convenient (from Alexa to Siri, Uber, and Netflix) to a force that will overhaul our work processes in irreversible ways. 

Over the next few years, the commercial world will be transformed by the new machines down to the smallest detail, and the banking industry is no exception. Our recent research confirms that 58% of industry executives surveyed believe that AI will have a game-changing impact on their work by 2020. In short, the future of work in the banking industry is the mirror image of the future of AI.

In preparation for this massive shake-up, we are already seeing banks experimenting with chatbots and robotic advisory services in the areas of fraud detection and trading, among others. For example, India’s ICICI Bank is using natural language processing for sentiment mapping; SEB, one of Sweden’s largest banks, has introduced Amelia, a digital employee that can handle internal IT support; and digibank by DBS has integrated an AI platform into its mobile app to streamline the efficiency of customer conversations. Meanwhile,, a Singapore-based fintech startup, is in talks with 20+ banks in the Asia Pacific region to deploy its Chatbot platform and expects at least 10 of these to roll it out live on their platform this year.

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