Banks worldwide have identified artificial intelligence (AI) as a key priority.  Forrester’s data shows that 30% of firms are using or planning to use AI to mitigate security risks and 28% use it to improve the efficiency of business operations. However, many digital banking executives don’t know where to start or what to focus on with regards to AI implementations. This report from December 2018 examines the current AI-driven operational efficiency banking use cases and business results to date.

OUR KEY TAKEAWAYS:

Banks prioritize AI for efficiency and risk over an improved customer experience (CX)
Despite the hype about chatbots in banking, interest and investment in using AI to improve CX and increase revenue is actually lower than interest and investment in using it to mitigate security risks and boost business efficiency.

Some use cases are advancing more rapidly than others
AI machines have gotten a lot smarter and are making rapid advancements in use cases that involve repetitive data entry, data extraction from documents, correlation and pattern matching to mitigate security and compliance risks, and searching for data used in chatbots to improve employee productivity.

Digital banking execs should help chart the course that AI will take
AI applications today require even closer collaboration between diverse teams than before. This is an opportunity for digital banking leaders to step up to help enable closer collaboration and establish important AI guardrails.