Banks have been using AI technology since the 1980s to predict market trends and provide customized financial plans for their clients. By 1993, AI was being used to detect fraud, uncovering almost $1B worth of money laundering cases in two years. More significantly, it’s estimated that AI technologies could deliver an extra $1 trillion each year for the industry. But what’s holding banks back from greater use of AI? AI and analytics provider Dataiku just released the latest episode of its AI and Us series that explores what needs to be done to build more trust and implement more AI-based products and processes for their customers. For example, experts point out that while AI is exceptional at learning historical data, it can be slower to adapt to major changes to the legal and regulatory framework around financial services.
One of the most well-known examples of artificial intelligence, chatbots in banking and across other industries tend to garner lots of attention. This is partially because they are so visible to end customers. Who hasn’t interacted with banking chatbots in a customer service capacity? This visibility is only growing in 2023 with the revived interest in conversational AI thanks to ChatGPT. But when you look under the hood, there is so much more to AI in banking than meets the eye. AI & Us, the new web series from Dataiku, looks at how AI is changing our everyday lives. Next up? You guessed it — banking, one of the largest industries in the world impacting the lives of nearly everyone on the planet.
“What we’re seeing is very, very specific scorable tasks often being augmented very effectively. What we are not seeing is the removal of a person entirely from a fundamental position.” — John McCambridge, Global Solutions Manager at Dataiku
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