How data and AI utilisation is not the same in banking after Covid-19
The COVID-19 has been highly impactful Pandemic which has brought tremendous changes in everyone’s lives and by every measure we are going through a great crisis. It is natural to assume that the pandemic will play a great role in reshaping the modern world and many experts from various fields of Digital Technology believe that the world we are entering into will be perceived in a different form compared to the one we were aware of. The very fact about the pandemic is that it had taught the real importance of digital World especially, in managing the wealth via Digital Banking. And as the importance of digital banking will be increasing post COVID-19 crisis, we are likely to see significant acceleration of key digital trends.
This opportunity will push the Banking sectors to come up with next gen tools and technology in the form of data analytics and AI. It’s one of the most important factors in the field of banking technologies. In the world of change we all need our financials to be more smooth and secured. Banks will need to upgrade their technology towards customer engagement for more active users via apps and digital means. It will enable customers to be more engaging while using the same, as their data would more secured and efficient.
AI driven technology has been a great tool in the Banking sectors. It helps Bank in many ways; the machine learning algorithms really lend themselves to those types of use cases and especially all the classification type algorithms. AI-type technology in robotic process automation or, intelligent automation is used at a higher rate by Banks. Nowadays, there is a new concept emerging in the Banking sector that is very similar to the Bank but at a same time it creates a great difference and is parallel to the Traditional Banking sector ie. “Neo-Bank”. Neo-Bank is a pretty new concept and is fully digitised bank that challenges Traditional Banking system. Advanced AI technology is utilised by Neo-Bank industry too, as it’s one of the major merits of neo-banking Sector and carries a great value in this sector. Neo-Banking AI driven technology Analyse and understand the user expenses regardless to one’s status in the society. It helps and suggests people towards managing their wealth, investing, easy/smooth use of the same and so on.
A couple of years ago, a lot of stress was around RPA, intelligent automation and AI went mainstream. In fact with COVID, there is more focus from a business perspective and from a technology perspective, where AI and machine learning can help, largely due to use cases in marketing or even finance. All those discussions about areas where potentially AI can come in and help have been fast tracked rather than sitting in the back on the shop floor. It is becoming more and more apparent that people who were skeptical about the use of AI and how models could come in and augment what people have been doing. I think those discussions have come to the forefront now.
The Lockdown has forced the Banks to come up with strategic technology and adapt more advanced Data Analytics and Advanced AI driven Technology. This helps the banks in many ways such as,
I personally believe there are some key trends in the industry, which should be adapted post covid-19 crisis:
Artificial intelligence and Data Analytics allows you to precisely focus on every group or segments of people. Segmentation significantly shortens the entire purchasing process and well-used knowledge of customer. AI has the unique ability to analyse each and every client personally and meet their needs accordingly. It has turned to be very important to have services and technology as such for both Banks and customers. It makes it quite easy to understand various aspects that were complex regardless of its type.
It’s said that whole world is turning towards Fintech and Fintech industry is moving towards Neo-Banks. Fintech companies are emphasising on AI and Data Analytics which can play a very important role in banking sector without any technical stress and great ROI. It’s very useful for the bank to adapt this technology at a cost effective rate. It’s believed that the country’s finance ecosystem completely depends on the Banking Sector and it is very important for the bank to be more proactive in adapting a safer Technology that enables the efficiency towards customer experiences.
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