The use of artificial intelligence (AI) and machine learning in financial services is on the rise, with 83 per cent of banks having evaluated such solutions, and 67 per cent having actively deployed them.
Capital market research firm TABB Group surveyed 200 global tier one and tier two banks on behalf of augmented intelligence solutions provider Squirro, also revealing that 87 per cent of bankers said it would be highly impactful if an AI engine could spot relevant events that led to engaging with a client and closing a deal.
However, 83 per cent were still unaware of how to apply the technology to solve business problems.
“The potential of augmented intelligence to support relationship managers with data driven lead sourcing and next best action recommendations is starting to gain real momentum,” said Miguel Rodriguez, vice president for customer success at Squirro.
“Investment banking as an example is highly competitive and anything that provides an advantage will be seized upon, although investment banks could use AI even more effectively by deploying it to enhance specific business processes," he added.
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