Trending AI in Banking Context
The AI conversation has made it into the C-suite at large banks. Leaders from Citi to JP Morgan are considering how to respond to their competitors' press releases and looking to craft winning AI strategies and adopt low-hanging fruit AI applications in their business.
In banking and finance, chatbots have the potential to improve the customer experience by allowing customers to check their account balances, transfer money, learn about interest rates, change their billing addresses, and more.
The thoughts and opinions expressed by the author of this piece and the interviewee, Maruf Hossain, are entirely their own and do not reflect the opinions, views, or stances of the companies at which they work.
Much of the discussion surrounding AI in banking is focused on retail banks, with applications such as chatbots and payment fraud detection. But there exist AI capabilities that stand to benefit investment banking clients specifically as wealth management departments begin to adopt them.
Financial institutions have challenges around data accessibility. They want to leverage their large amounts of data so their employees, such as customer service agents, can find the information they need quickly.