If you take a look at headhunting statistics, more and more banks look like tech companies. Then you can be impressed that 80% of banks foster artificial intelligence (AI) implementation in all operations. And all the banks invest in AI. It is determined by several factors. Artificial intelligence is used not only in interaction with clients but also in the majority of internal processes.
While AI is highly attractive in retail banking aimed at client identification, chatbots, 24/7 personalized interaction and support with a client, and increasing client’s loyalty and retention, the major AI impact is concentrated in the back and middle offices of investment banking.
According to Business Insider Intelligence, the most significant cost savings are in using artificial intelligence in the middle office, which amounted to $217 billion. Here AI is mainly used for fraud detection and risk management. Actually, artificial intelligence helps prevent potential losses rather than earn extra profit. However, it counts, too.
The idea is supported by the statistics: 56% of companies implement artificial intelligence to manage risk, which is 4% more than those willing to use artificial intelligence to generate revenue.
The back office has taken the most negligible share in the cases of artificial usage. Currently, it is mainly used in credit underwriting and smart contracts infrastructure. However, the back office is a considerable field for artificial intelligence implementation. It is just a matter of time, limited sources amid unlimited willingness to automate, predict and control processes.
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