Thursday, 15 April 2021 | By Nikos Karelos, Banking Director at Profile Software
The pandemic has accelerated digital transformation in banking, leading banks to faster adopt new digital delivery models. The rise of neo and digital banking became the new normal, with an emphasis on mobile banking services.
Industry analysts predict the pandemic will only help these new, digital trends become a reality faster.
The contribution of AI to the global economy
Adoption of artificial intelligence (AI) across many different operational areas in banking is constantly gaining ground. Financial institutions appear to be very active in engaging AI in a spectrum of services, ranging from sales to credit scoring and end-user behaviour prediction to fraud detection.
AI is expected to contribute a staggering $15.7 trn to the global economy by 2030, with 74 percent of organisations that have implemented AI recording increased sales of new products and services by at least 10%, according to a recent report by W.UP.
Optimising the customer experience
Process automation using RPA technology, along with the digitalisation of opening and managing customer accounts and the enhancement of mobile services (based on client habits) are attracting greater investment by banks in 2021. (Sources: MoneyThor and UX Design).
Banks are investing in these areas with the aim of evolving mobile banking into an intuitive, multi-functional tool that empowers the customer and enabling them access to a full range of financial services in a fresh, colourful and personalised user experience on par that delivered by major technology companies.
* This article was published on bobsguide.com (15.04.2021)
References: Retail Banking Systems, Middle & Back-office solutions