AI will power personalised experiences in banks of future

By our News Team | 2021

White paper says artificial intelligence will lead the next wave of change, with tradition banks in danger of being left behind.

Bank customers have already seen major changes in the way banks operate and interact with them – particularly when it comes to digital banking strategies. 

But there are still more changes on the way, says a new report, with artificial intelligence (AI) about to deliver personalised experiences that could reshape the world of banking as we know it.

Artificial intelligence

Image by Charles Thompson from Pixabay

The ‘Bank of the Future’ white paper released by SaaS banking platform Mambu and Google Cloud identifies ‘ubiquitous banking’ as the next wave of the digital financial revolution and identifies three building blocks that will enable this:

  • Customer-centric strategy – products and services built around the customer for the customer, embedding AI technology to hyper-personalise the user experience.
  • Value-based AI use cases – applications anchored on business value (revenue growth, cost saving or risk reduction) and customer value (customer experience or time to market).
  • Composable technology architecture – flexible, cloud-based core banking software that enables true plug-and-play functionality to respond to changing customer needs, market dynamics or technology trends.

Pandamic created new consumer demands

According to the white paper’s authors, the pandemic has increased consumer demand for always on, personalised digital and mobile-first financial services. Consequently, traditional banks are no longer the go-to for consumers.

“If traditional players want to reposition themselves as lifestyle partners, in tune with the modern banking needs of their customers, then they must evolve rapidly and without fear,” explains Eugene Danilkis, CEO at Mambu.

“Key to this will be their embrace of AI technology, which has broad-ranging applications – from fraud prevention and risk management, to delivering personalised customer experiences and driving efficiencies through greater automation.” 

But he warns that traditional banks must move rapidly if they want to avoid getting left behind.

“Only by leveraging the capabilities of AI and cloud technologies will they be able to reimagine the customer experience and tap into new revenue streams in a competitive market,” Danilkis says.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.