A recent study of  financial institutions found their commitment to AI within the future of their industry is currently lagging behind other indusries. This poses problems and opportunities. From block chain technology to quantum computing, the key issue remains security.

Banks report they are mainly using AI for fraud and risk prevention, but much more attention is being devoted to the improvement  of “the digital customer experience’ and how it will be become seamless with the introduction of an open source platform called ethereum. Ethereum  has been described as the digital oil for the Internet of Things. Included are links below to articles on AI in finance to explain the implications:

The AI in Banking: The Next Frontier in Customer Experience report, sponsored by Deluxe and the BAI, provides insight into the strategies, tactics, trends and level of deployment of artificial intelligence (AI) solutions at financial institutions globally. Beyond a benchmark study, there is analysis of alternative functionality such as chatbots, voice technology, and personalization as well as recommendations for organizations wanting to build AI solutions.

The report is based on a survey of close to 300 financial services executive worldwide and includes 56 pages of analysis and 30 charts.

The “AI in Banking” Digital Banking Report surveyed banks and credit unions globally to determine the extent of development of artificial intelligence functionality in the banking industry. The findings indicate that industrywide deployment is far behind other industries.

read more at thefinancialbrand.com