How AI is helping banks serve customers during COVID-19
Virtual assistants can capably provide answers on their own or they can whisper key points into the call agent’s ear.
No small talk: Why conversational AI is propelling bank channels
Banking expectations among consumers are changing—quickly. Siloed multichannel experiences, once perceived as powerful and innovative, have given way to deeply personalized omnichannel options. In retail, that happened some time ago as consumers moved from either-in-person-or-online shopping to another model: viewing merchandise in stores and purchasing (or returning) it online and vice versa. Moreover that applies today no Read More
Seizing change in seas of change: a 2019 compass for AI in banking
Tumultuous shifts in the financial services industry over the past decade have cast many banks adrift in stormy seas of change. As they’ve increasingly digitized to meet customer demands for new services beyond traditional offerings, they’ve simultaneously paddled to keep abreast of ever-stricter customer data protection measures. Both issues make the other more complex. Despite their heroic Read More
Banking’s tech versus touch challenge (and what to do about it)
Not a day goes by without someone predicting that in less than a decade, automation, bots and AI will replace 50 percent of all banking jobs. And when we consider that the World Bank estimates approximately 23 percent of global employment is in the banking industry, that adds up to a lot of jobs. Because the financial Read More
BAI Beacon 2018: Banking in action
To kick off 2018, BAI named artificial intelligence its Trend of the Year. Since then, we’ve seen an explosion in the talk surrounding AI to match the technological revolution taking place before us. And as we close in on BAI Beacon 2018, it’s a safe bet that AI will dominate many a conversation at the event. Discussion, Read More
Why high tech and human touch should go hand in glove
Here’s to the artificial intelligence-driven bots that comb troves of consumer data, analyze the information and then reliably predict what a customer needs. But that’s only half the story. It takes the softer, intuitive human touch to convert those machine-crafted insights into a seamless, personalized customer experience. It goes beyond the chatbot experience that some banks have Read More
AI, as in actionable insights: The future of artificial intelligence in payments
A new era in technology driven by the “Do it for Me” phenomenon is blossoming all around us—and “driven” can be taken literally, what with the advent of self-driving cars. Add to the list self-setting thermostats, self-driven vacuums, robo-investors, digital personal assistants: automation services powered by advances in machine learning, AI (artificial intelligence) and biometrics. Financial services Read More
Podcast: Artificial intelligence is the BAI trend of 2018
Whether it's through the use of chatbots and predictive analytics, or taking compliance and fraud fighting to the next level, artificial intelligence promises to change every aspect of banking like nothing else before it. Three members of BAI's leadership team--President and CEO Debbie Bianucci, Managing Director Karl Dahlgren and Chief Marketing Officer Holly Hughes--share their perspectives of Read More
Blanket security: How AI is remaking risk management
For almost a century, movies and literature have explored the possibility of technology beginning to think for itself—often with a dystopian spin. Consider that today, artificial intelligence is known far and wide as AI—which also happens to be the title of the 2001 Steven Spielberg drama (based on a 1969 short story) where indeed, machines inherit the Read More
Why artificial intelligence is BAI’s 2018 Trend of the Year
So much was made of artificial intelligence in 2017—yet so much puzzlement generated—that you could compare the resulting scenario to asking Siri for an analysis and getting one of two responses: “Here are some AI articles I found on the internet” or “I don’t quite understand what you said, Debbie.” But we don’t need Siri or Amazon’s Read More
Wear the action is: The wearable ecosystem meets the future of banking
In this one instance, you don’t have to check your smartwatch to know what time it is: The moment for wearables to advance has arrived. Financial mobility will see corresponding improvements; in other words, those really limited first-gen watch apps for banking will improve dramatically. The latest Apple Watch marks a major step forward and offers a Read More
Artificial intelligence: Moving forward toward great rewards
Artificial intelligence has been with us since Stanford professor John McCarthy coined the term in 1960. Yet over the last decade, AI has taken quantum leaps in breadth and complexity, and that’s caused leaders in every business sector to consider it with growing interest and concern. That’s no different for financial services executives, who are intrigued by Read More
Podcast: The artificial intelligence adoption gap
For all the recognition artificial intelligence has enjoyed in the banking community, it hasn’t yet found a nearly equal level of adoption. With all the questions, misconceptions and curiosity surrounding this game-changing technology, Jim Marous, the publisher of Digital Banking Report, shares some of the latest findings by way of his newly published report. From the podcast: Read More
Clever leverage for customers: Enhanced experiences through AI and machine learning
As banks, credit unions, and financial services organizations look to better serve their customers, many seek new, innovative ways to understand wants, needs, and behaviors. Increasingly, this means the use of digital tools and transformation initiatives—as well as customer and predictive analytics, artificial intelligence (AI) and machine learning. All those high-tech means add up to a most Read More
How financial institutions can start with artificial intelligence – now
Just one look at your smartphone is all it takes to remind you that digitization and automation in financial services is nothing new. But the recent heightened interest in artificial intelligence (AI) and banking is. (Go ahead. Ask Alexa.) The Financial Brand’s Jim Marous chalks it up to technological advances and real business needs: “The explosive growth Read More
Podcast: How banks build winning innovation teams
On this episode of the BAI Banking Strategies podcast, we talk with Bennett Bradley of BB&T about his bank's new in-house initiative to identify prime areas for innovation, and champion for various bank divisions while partnering with fintechs. Bradley discusses how the ultimate goal of his team is to "surprise and delight" customers. From the podcast: Bennett's Read More
In the money laundering fight, what comes out in the wash? Artificial intelligence
It’s an eternal worry for banks: how best to detect and report money laundering. And the problem grows bigger and costlier by the day. Such transactions represent 2 to 5 percent of global GDP—or roughly $1 trillion to $2 trillion a year, according to a PriceWaterhouseCoopers global survey of banks in 2015 and 2016. And to be Read More
Podcast: Artificial intelligence and voice banking
On this episode of the BAI Banking Strategies podcast, we talk with Robb Gaynor, chief product officer at Malauzai Software in Austin, Texas. Robb outlines the current breakthroughs in AI. These include "conversational banking," where platforms such as Alexa and Google Home provide new levels of proactive assistance, and the Internet Bank of Things (IBOT), where devices Read More
AI gathering steam in mainstream banking
Not long ago, mobile phones served a simple purpose: to talk to other people. Now we routinely talk to Siri, Cortana and other digital assistants. More significantly, they talk back to us (and not, mind you, the way upset humans do). Jabbering with artificial intelligence (AI) personas may help with routine tasks such as finding the nearest Read More
Bridging the compliance-information technology gap: Enabling collaboration to strengthen compliance
Compliance with the requirements of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is too complex and challenging a job for a single bank department to manage. To be specific: While the reporting and investigation responsibilities reside in the Compliance staff, and legal/regulatory expertise with the legal department, the IT department must create the capacity to Read More