Banks in a skyline, for blog on how artificial intelligence is transforming the financial services industry

More banks are starting to adopt artificial intelligence to help them use the vast amount of the data they have, to improve compliance, enhance customer engagement and maximise operational efficiency.

These four articles take a closer look at how artificial intelligence is transforming the financial services industry, and how service providers like you can support clients with various solutions.

 

#1 How banks are using AI as a tool for transformation

By Diwakar Mandal @gomedici

Artificial intelligence and machine learning are defining a new wave of financial services, leading the way to several innovative FinTech models.

Promising players in the financial services industry are now adopting artificial intelligence to solve some of the major problems faced by banking customers, with the likes of AI-powered chatbots and robo-advisors.

Banks are also now turning to artificial intelligence solutions to support back-office processes like fraud detections, real-time authentication and intelligent receivables.

Read more about how AI is transforming financial services and sign-up to a 12-month free trial of IBM Watson Assistant here, to start developing chatbots for your clients. You can learn more about IBM Watson Assistant in this 15-minute webinar.

 

#2 Banks bet on AI to win back regulator, consumer trust

By @YolandaRedrup

IBM is expecting a significant boost to its Watson Financial Services division in Australia, with the big four banks turning to artificial intelligence to win back the trust of consumers in the wake of the Hayne royal commission and years of banking scandals.

Major banks in the country are already using Watson’s cognitive power to reduce the strain of regulatory compliance and overhaul the way they detect financial crimes, so IBM are expecting more institutions to follow in their footsteps.

It’s not just Australian banks, however, that can benefit from Watson Financial Services. Since IBM started focusing on artificial intelligence for the financial industry in 2016, they’ve seen organisations from around the globe adopt their solutions for regulatory purposes, but also in the anti-money laundering space and to enhance the customer experience with conversational assistants.

Learn more about the use of Watson Financial Services by banks by reading the article, and learn more about how you can support the future of finance with the industry platform in this webinar.

 

#3 Banking must provide AI-based financial wellness tools

By @JimMarous

There is currently a significant opportunity for banks to develop AI-based financial wellness tools for the masses, as the majority of consumers still feel insecure in their ability to manage their finances and seek simpler ways to do so.

Plus, as consumers become more aware of what is possible with data, advanced analytics and other digital technologies, the demand for more sophisticated financial management tools is only increasing.

As a service provider, you can help clients in the financial industry to take advantage of this growing opportunity with solutions that can help them leverage data and develop applications demanded by consumers. Learn more about the opportunities in FinTech and banking in this free IBM eBook.

 

#4 How five robots replaced seven employees at a Swiss bank

By Stephan Kahl @Bloomberg

Swiss bank, St. Galler Kantonalbank AG, recently piloted the use of software robots in replacement of staff, to see what was technically possible. The pilot went so well that the bank is now deciding on further assignments to explore what other applications may be worth implementing.

St. Galler Kantonalbank isn’t alone in investigating the use of AI-powered robots, though. Automation of processes is currently a huge topic in the financial industry as whole, and with robots becoming more widely available, banks are considering replacing expensive software interfaces with these.

Read more about the trials banks have been undertaking with robots and understand how they have the potential to revolutionise the financial sector in years to come. You can also download this whitepaper to learn how service providers like you can help your clients cut costs with artificial intelligence solutions.

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