Which banks use AI
For several years now, companies in the financial sector have been using artificial intelligence (AI) technologies. In addition to machine learning, deep learning and natural language processing, they also rely on Robotic Process Automation (RPA) in its various forms. Banks in particular recognize the economic benefits of artificial intelligence like hardly any other industry. You gain new insights from existing data, improve the customer experience and automate business processes that previously only worked with manual intervention.
Artificial intelligence will "turn the financial sector upside down" in the coming years, says Karl-Heinz Kern, General Manager of GFT Germany. He refers to the "Digital Banking Expert Survey" for which the IT service provider surveyed more than 280 retail banking experts from eight countries in 2017. Around 94 percent are therefore convinced that AI solutions provide direct added value.
In most cases, it is not the financial institutions themselves that are developing AI technologies. Rather, the major software manufacturers in particular are working on equipping their standard products for the banking sector with AI features. According to a Forrester study, 69 percent of decision-makers in the areas of data and analytics at financial service providers around the world already used AI technologies or planned to use them within twelve months (see graphic). The banks are also relying more frequently on the help of system integrators to make their core systems more intelligent and to lay the technical foundations for using AI. This includes, for example, the selection and integration of relevant frameworks.
As AI technologies mature, the teams responsible for application development and delivery are also becoming more interested in standard banking applications that are equipped with intelligent features. "80 percent of our new customers are asking for AI-based solutions," explains Finastra, the software provider specializing in the financial sector. Forrester advises IT decision-makers to consider the possible uses of such standard systems at an early stage. Otherwise, they risked falling behind their competitors.
According to the analysts, artificial intelligence is not yet "mainstream" in the banking sector. But the providers of banking platforms are focusing on the topic with all their might. More and more often they succeed in proving the business benefits of their solutions for customers and also for their own purposes.
Sopra Banking Software, for example, has been working on proof of concepts for years and has started to incorporate AI functions into its products. The Swiss banking software specialist Temenos has also geared its strategy towards this. "AI is not a specific product," explains the Global Product Director for Data and Analytics. "It's a skill that we want to use in all of our products."
- What do porn stars achieve orgasm
- Great mathematicians would also make great artists
- Am I jealous of my friend's friends
- What is the PhD hierarchy in Capgemini
- Metals are good conductors of heat
- How do you feel about human trafficking?
- How vertical multistage pump types work
- When is the data set not distributed normally?
- What are some good slasher movies
- How can I earn from poetry
- Why was Path launched without Facebook integration
- Are evangelical Christians viewed as religious extremists?
- Where did you learn to hack
- When was Bhagavad Gita translated into Tamil?
- How many Lyft drivers are there
- Who is the idol of Islamic religions
- What is your impression of foster children
- What is wheel bearing service
- Which cinnamon do you prefer
- Are boys and girls good roommates?
- Where does 22 come from 7
- What do you think of tai chi
- How is Aims Barrackpore for JEE preparation
- What if I don't have math