AI in banking is maturing and entering the mainstream as financial institutions roll out AI solutions across their businesses.Business Insider Intelligence
We also examine prominent strategies currently in use by two banks that have invested deeply in AI technology, and provide recommendations for how FIs can best approach implementation of AI-powered digital transformation.Bank of America, BBVA, BMO Harris, BNY Mellon, Citibank, FNBO, NatWest, Santander, and U.S. Bank.As AI matures and gains popularity in banking, global FIs are building on their existing solutions to solve increasingly complex challenges.
In the middle office, AI is helping banks with their anti-money laundering and know-your-customer obligations, aiding in the detection and prevention of fraud, and providing new ways to determine creditworthiness. FIs that want to deploy AI solutions also need to be conscious of the risks that come with the technology, including unintended biases and difficulties managing the sprawling bodies of data that AI models require.Provides best practices that underpin successful implementations of AI in banking.
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