Room for improvement in how banks are using AI

Despite research revealing the use of artificial intelligence (AI) in the banking sector is on the rise, the same number of organisations (87 percent) exploring the technology admit they are still unaware of how to apply it effectively.

The numbers were revealed in research from data insight specialists Squirro, which found that despite large numbers of banks being unsure of how to deploy AI technology most effectively, 67 percent of banks are actively using the technology today.

“The report has shown that banks are increasingly receptive to using AI and machine learning in their organisation, but it also highlighted what needs to be done to ensure maximum value is gained,” Miguel Rodriguez, VP Customer Success at Squirro, said.

“Insights and Recommendations need to be fully integrated with CRM and core banking systems, to deliver real value to bankers.

Used in this way, it can deliver customer and market insights to source new deals, recommend the next best action and improve all manner of other business processes in banking,” he added.

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