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ARTIFICIAL INTELLIGENCE

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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