Artificial Intelligence

How financial institutions can start with artificial intelligence – now

Artificial Intelligence

By Jay Palter at BAI Banking Strategies

Just one look at your smartphone is all it takes to remind you that digitization and automation in financial services is nothing new. But the recent heightened interest in artificial intelligence (AI) and banking is. (Go ahead. Ask Alexa.)

The Financial Brand’s Jim Marous chalks it up to technological advances and real business needs:

“The explosive growth of structured and unstructured data, availability of new technologies such as cloud computing and machine learning algorithms, rising pressures brought by new competition, increased regulation and heightened consumer expectations”—all of these factors, he says—“have created a ‘perfect storm’ for the expanded use of artificial intelligence in financial services.”

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