The impact of Artificial Intelligence in the Banking sector & how AI is being used in 2020

Discussions, articles, and reports about the Artificial Intelligence opportunity in the Banking sector continue to proliferate amid considerable hype around the technology, and for good reason: The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total, per Autonomous Next research seen by Business Insider Intelligence.

Most banks (80%) are highly aware of the potential benefits presented by Artificial Intelligence in the Banking sector, per an OpenText survey of financial services professionals. In fact, many banks are planning to deploy solutions enabled by AI: 75% of respondents at banks with over $100 billion in assets say they’re currently implementing AI strategies, compared with 46% at banks with less than $100 billion in assets, per a UBS Evidence Lab report seen by Business Insider Intelligence. Certain AI use cases have already gained prominence across banks’ operations, with chatbots in the front office and anti-payments fraud in the middle office the most mature. 

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The applications of AI in banking are a $450B opportunity for the banks that take advantage of the digital transformation. See how banks are using AI for cost savings and improved service.

For further reading:
@AI News – Artificial Intelligence for Finance
@AI News – Insights: AI for Financial Services

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