3 ways banks, fintechs and FIs can harness AI for success

ACCORDING to a report published by consulting group Opimas, the financial services sector was projected to have spent US$1.5 billion on artificial intelligence (AI) in 2018, rising to US$2.8 billion by 2021. Much has been made of the expected rise of robotics in the 21st century, but Amazon, Google et al have pointed the way to a future in which AI applications consume and interpret data to better meet human needs.

In the financial services sector, the challenge is to follow that lead, delivering tailored outcomes that enrich the lives of customers. Here are some ways banks, fintechs and financial institutions can harness AI for success in their digitisation journey.

MAKE CLEAN, HIGH-QUALITY DATA A KEY PRIORITY