AI, UX, Innovation and Uncertainty in Banking
Banking services have been commoditised since moving from one-to-one to one-to-all relationship infused by digital revolution but it can’t stay that way anymore. Banks face extreme regulatory pressures and thinning margins are making it difficult to stand out from the crowd. But what’s more worrying is that banks also don’t seem to be in any hurry to offer additional service to the everyday customers. You can open a bank account, get a debit card, possibly an overdraft and a credit card too, if you were a ‘good’ financial citizen. The difference will be very small (if any) whether you go to HSBC, Barclays or Lloyds. Everyday banking is starting to feel like using a gas station — you need to use it but you really don’t care which one you’re going to use — it is a commodity.
You can read my full article here — Boring, beraucratic, commoditised: why banks need to shift towards experience
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Artificial intelligence is here to stay, and 2017 will be about the adoption of ML/AI by the FinTech community and beyond. Experts agree that FinTech companies will harness this technology to make better decisions and offer improved solutions — they will make use of predictive analytics to break down big data and analyse large volumes of consumer information. AI will be the most defining technology for banking industry. The two-three most promising areas where digital advances could revolutionise the customer experience are artificial intelligence, chatbots and personalisation. Financial institutions have found a variety of use cases that bring undebatable benefits for organisations and customers.
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Originally published at FinTech Summary.