Prospects Of AI In The Banking Sector

February 15, 2018

A sharp increase in investor interest in the fintech sector was discussed as far back as 2015.

Today, in 2018, a number of large financial corporations even have a separate position of Chief Digital Officer (CDO). Let’s see one what changes may be in store for the banking sector in the coming years.

Why is it relevant?

AI services in the banking sector primarily cover bank-client communications. The efficiency of bot-based initial request processing, for instance, has become the norm. It’s impossible to renounce artificial intelligence at this stage, and AI is about to become a lot smarter, learning to speak more naturally, determine the client’s emotional state, isolate users with unnatural behavior, be proactive and offer banking services.

There are certainly more implications of AI implementation for bank customers, but the bottom line is – they will improve transparency and accelerate interaction with the banks.

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Mutually beneficial merger: AI meets the banking sector

A very practical and at the same time symbolic step was recently made on the junction of the two spheres: a subsidiary of the global American holding PNC Financial Services Group partnered with a small team of developers of applied artificial intelligence solutions from New Zealand headed by Aaron Diggelmann. ADD 4 I.T Limited, which previously cooperated with a number of banking structures, became a division of one of the ten financial institutions in the United States that manages $297 billion worth of assets. ADD’s CTO Chris Scott believes that for the small company, this major capital injection is an opportunity to engage full-force in development without scraping for funding and looking for investors. For PNC Financial Services, it offers the prospect of global renewal and lower operating costs through the introduction of new artificial intelligence capabilities.

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