W
e're now entering the truly digital age - a time marked by falling costs for
data storage and processing, plentiful connectivity, and swift advances in
artificial intelligence (AI). In this era, financial institutions know that success
means continual innovation, and AI is a key part of this effort.
AI enables banks to analyze never before possible quantities of data to offer
fundamentally better experiences like instant loan decisions, biometric
authentication, and virtual assistants. Indeed, one estimate put the business value
of AI in banking at $300 billion by 2030
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. AI is rapidly evolving from a fantasy into a
practical set of instruments to pursue specific business and IT strategies.
While banks' adoption of AI is already broad, it isn't particularly deep. That is due
to cultural reluctance, regulatory barriers and uncertainty about the efficacy of the
technology. To shed further light on where AI adoption is today, we investigated
notable AI projects in the banking sector over the last two years.
This research provides insight into what peers in the industry are piloting and
deploying. It also serves to identify use cases, find correlations between various
technology components and business drivers, and analyze the solution areas
impacted by these projects.
This white paper – supported by original research conducted by Gartner – explores some of the major
AI trends in banking. In which, we investigated AI projects from the last two years and compared them
against data from 2014-2018.
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https://news.ihsmarkit.com/prviewer/release_only/slug/technology-global-business-value-
artificial-intelligence-banking-reach-300-billion-203
Artificial
Intelligence
