In episode 77 of the Hyperautomation Minute, Aaron Back explains artificial intelligence (AI) banking and the implications this has on the financial services industry.
00:18 — Many of us today use digital banking — the strength of it has changed how people interact. The world of digital banking has rapidly evolved over the last several years and has been adopted by the majority of the world.
01:22 — Citibank recently hired Sirisha Kadamalakalva as the Global Head of AI Investment Banking. This move demonstrates the influence that AI has, and will continue to have, in financial services.
01:58 — What is AI banking? Currently, the banking industry is a blend of digital and human interactions to complete certain tasks, such as credit reviews or loan applications. AI banking layers AI capabilities into the entire process, making it entirely driven by artificial intelligence.
03:09 — This new idea could benefit collaboration and co-creation in the financial services industry. Additionally, it can grant users valuable insights from their financial institutions, as AI begins to learn more about a user’s financial habits and needs.
04:04 — However, the emergence of this new form of banking means there will need to be strong governance to protect consumers, investors, and financial institutions utilizing this new way of banking. Aaron predicts that more financial institutions will shift towards AI/ML banking, pushing traditional banking companies to rethink what the term “banking” means. Further, he predicts that more of the Cloud Wars Top 10 companies will continue to expand their financial services solutions to develop the new world of banking.
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