Banks are in a unique position to leverage the vast local marketing email list potential of artificial intelligence (AI). By leveraging AI, banks can streamline operations, reduce costs, improve customer service, and better manage risk. Here are some ways banks can use AI to achieve these goals:
Fraud detection
Personalized customer service
Credit risk management
Regulatory Compliance and Reporting
Automate data collection
For legacy banks, the same obstacle that has held them back for decades will determine whether they succeed with AI: their existing infrastructure .
In fact, AI is driving banks to accelerate strategic digital initiatives. AI projects require advanced computing resources (which drives cloud adoption), non-silent data (which drives automation and process orchestration), and an IT structure that accelerates time to market (by promoting API integration and modular architecture).
From a data perspective, banks have an ace up their sleeve. AI is a perpetual learner, acquiring new insights and improving its methods as it processes more and more data—something banks have no shortage of. While some institutions see the flood of data as a hindrance, AI sees opportunities in it. Cost reductions, increased revenues, and revolutionary personalization can emerge from pre-existing data. For global banks ready to make the leap, AI can unlock $1 trillion in new revenues .