How Analytics And AI Will Reshape The Future Of Banking

There are many areas of focus for banking that have the opportunity to be dramatically reshaped by the application of more advanced analytics, including cognitive and Artificial Intelligence (AI).

- Marc Andrews

The two most prevalent ones are around generating an increased level of customer insight and improving the efficiency of understanding regulatory compliance requirements.

Today’s consumers are more in control of the buying process than ever before. In financial services, this means banks must adapt to their customer’s ever-changing needs, providing seamless, end-to-end personalized experiences. Like others in different industries, banks are now realizing that they are not innovating quickly enough to meet these demands.

The customer of today wants a bank that understands their needs, wants, and goals while simultaneously presenting them with personalized products and services. They also want their banks to advise and educate them, but prefer making choices based on a variety of options. Finally, they want to be engaged in real-time, with predictive alerts and tailored communication.

The way for banks to do this is by utilizing the wealth of customer data at their disposal to extract deep and valuable insights. The most high-performing banks are the ones using Big Data capabilities to assess their customers from more sources than competitors, while also using more advanced analytics to turn data into insight.