AI-driven solutions are becoming a competitive requirement for banks and other financial services companies. No wonder; AI is delivering real value – enhancing the customer experience, improving trading and portfolio management, assessing the creditworthiness of loan applicants, and detecting potential instances of fraud and misconduct, among many other applications.
Yet, many financial services institutions (FIs) remain in an experimental phase and will need to accelerate actual AI deployment. They need to see AI as a business play, rather than a technology challenge. We believe FIs need to look over the horizon and invest in more advanced AI technologies that pivot around deep learning and will bring even greater benefits in the near future.
This report offers recommendations on the near-term and mid-term investments in AI that will drive business returns in such areas as chatbots, decision support for customer contact
centers, provision of financial advice, and investment and trading decisions. Our advice is bolstered with case illustrations that reflect our best thinking and experience on these issues as well as by the results of our recent AI survey.