Banks are adding AI to a model that AI makes obsolete
For decades, banking technology has been built around a simple sequence: a person makes a financial decision and the bank’s technology processes it. A customer decides to open an account, move money into savings or apply for a loan, and the bank’s systems execute that instruction.
Artificial intelligence can potentially reverse that sequence. Instead of waiting for a human to specify an action, AI can interpret the person’s goals, understand the financial context around that goal, and determine what happens next. It could recognize that a customer is likely to face a cash shortfall, identify the available ways to address it, and potentially execute the appropriate action.
Founder of Molit.ai and Social Discovery Ventures.
McKinsey estimates that generative AI could create $200 billion to $340 billion in annual value for the banking industry. Yet much of the industry is adding AI to systems designed for the old model, not rebuilding...
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