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The Future of Banking: Artificial Intelligence

According to a 2017 Accenture report, Artificial intelligence is the future of banking. The report states, “Eighty-six percent of bank executives agree that the widespread use of AI provides for a competitive advantage beyond cost.” Though AI is already incorporated into some systems to handle “heavily-manual” process such as monitoring stock trading to detect any illegal or risky activity, the report cites an additional opportunity for the technology: customer interaction.

Per the Accenture Banking Technology Vision 2017 report, “79% of banks agree that AI will revolutionize the way [banks] gain information from and interact with customers.” Bank executives predict that the incorporation of AI will enable them to quickly answer any questions consumers have, as well as make recommendations regarding certain banking services, and move actual employees to more judgment based roles instead.

The largest hurdle for the introduction of this technology is the initial cost of investment, and the cost of incorporating it into the company’s processes; however, the study cites that “76 percent believe that in the next three years, the majority of organizations in the banking industry will deploy AI interfaces as their primary point for interacting with customers”. So, despite the initial costs, banks are willing to adapt to this new technology to improve both back and front-office procedures.

Read more in the Accenture Banking Technology Vision 2017.