AI in Banking Report: How Robots are Automating Finance

How artificial
intelligence and machine learning is used in the banking and
finance sectors
Business Insider
Intelligence

This is a preview of the AI in Banking and Payments (2018)
research report from Business Insider
Intelligence. To learn more about the use cases, trends and
future of AI in finance,
click here.

Artificial intelligence (AI) is one of the most commonly
referenced terms by financial institutions (FIs) and payments
firms when describing their vision for the future of financial
services. 

AI can be applied in almost every area of financial services, but
the combination of its potential and complexity has made AI a
buzzword, and led to its inclusion in many descriptions of new
software, solutions, and systems.

This report from
Business Insider Intelligence, Business Insider’s premium
research service, cuts through the hype to offer an overview of
different types of AI, and where they have potential applications
within banking and payments. It also emphasizes which
applications are most mature, provides recommendations of how FIs
should approach using the technology, and offers examples of
where FIs and payments firms are already leveraging
AI. The report draws on executive interviews Business
Insider Intelligence conducted with leading financial services
providers, such as Bank of America, Capital One, and Mastercard,
as well as top AI vendors like Feedzai, Expert System, and
Kasisto.

Here are some of the key takeaways:

• AI, or technologies that simulate human intelligence, is a
  trending topic in banking and payments circles. It
  comes in many different forms, and is lauded by many CEOs, CTOs,
  and strategy teams as their saving grace in a rapidly changing
  financial ecosystem.
• Banks are using AI on the front end to secure customer
  identities, mimic bank employees, deepen digital interactions,
  and engage customers across channels.
• Banks are also using AI on the back end to aid employees,
  automate processes, and preempt problems.
• In payments, AI is being used in fraud prevention and
  detection, anti-money laundering (AML), and to grow
  conversational payments volume.

 In full, the report:

• Offers an overview of different types of AI and their
  applications in payments and banking. 
• Highlights which of these applications are most mature.
• Offers examples where FIs and payments firms are already
  using the technology. 
• Provides descriptions of vendors of different AI-based
  solutions that FIs may want to consider using.
• Gives recommendations of how FIs and payments firms should
  approach using the technology.