December 20186"We need banking, we don't necessarily need banks."--Bill Gates. True to this adage, the banking industry is evolving at a phenomenal pace by leveraging a lot of innovative technologies; one such technology is Artificial Intelligence (AI). This technology can cut costs, increase human and systemic efficiencies, improve customer experience, fortify loyalty, and boost returns. In fact, it is enhancing and refining the provision and consumption of banking services across the entire value chain, right from a bank's first contact with a potential customer all the way to providing additional services to long-term customers. The modern banking industry's robust and rapid processing needs, ubiquity of mobile technology, data availability, and proliferation of OSS are offering AI immense opportunity for growth--which AI banking solution providers are leveraging, enthusiastically, benefiting both banks and bankers. Solution providers are leveraging AI to readily meet the banking sector's wants and needs with personal, contextual, and predictive services. AI can enhance customer experience with automated provision of required banking information, services, offers, and insights in line with the users' behavior. The technology is also benefiting bankers with wealth management by offering them personalized tips on savings and expenses. On the other hand, banks are enjoying reduced workloads, accumulation and analysis of useful data, wealth management, risk management, hedge fund management, and fraud prevention--all contributing to improved efficiency and productivity. With the help of AI technology, banks can understand the users' behavior and offer them with personalized experiences while increasing their own profitability, all through an app.With the world moving at the speed of light, AI is offering a competitive edge to banks. This "artificial" intelligence can create innumerable "real" benefits to strengthen the functionality of the banking industry. So a close eye on strategizing their technological infrastructure and workforce can be called a must for today's banking and financial institutions. Let us know your thoughts!Copyright © 2018 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DECEMBER 17, 2018Contact Us:Phone:510-556-2284Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.comDECEMBER 17, 2018, Volume 04 - 13 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.comEditorial StaffSalesARTIFICIAL INTELLIGENCE SPECIALEric Thomaseric@bankingciooutlook.comVisualizerAlvin AndrewsIssac GeorgeManaging EditorJames RobertsonAI-Transforming the Banking SpaceJames RobertsonManaging Editor editor@bankingciooutlook.comJustin SmithJoseph MichaelEditorialRagavi RamuRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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