Join our smart investors - Get the best stock directories in  blockchain, cannabis, crypto, AI, IoT, cleantech. Daily podcasts in cannabis and crpto. Just $99  a year

AI set to revolutionize retail banking, says GlobalData


October 4, 2017 ( Newswire) For retail banks looking to differentiate themselves in an increasingly crowded marketplace, providing an enhanced digital customer experience is now an essential component of winning and retaining customers. The sector is increasingly looking to artificial intelligence (AI) to achieve this and is now on the cusp of a digital services revolution, with machine learning, natural language processing, and predictive analytics all set to turn retail banking into a data-driven industry.

How retail banks and financial providers can use the latest digital technologies to transform customer relationships are among the many themes covered at this year's Money20/20 USA event, the world's largest marketplace for ideas, connections and deals in Payments and Financial Services.

Daoud Fakhri, Principal Analyst for Retail Banking at GlobalData, commented: "We are partnering with Money20/20 at this year's event as we too have a good deal of insight and information about the increasing importance of mobile and AI in the sector." The events AI Deep Dive session will explore the latest advances in this fast-evolving field and discuss how financial providers are using the technology. Other sessions will assess what impact chatbots, virtual assistants, and other AI-dependent services will have on banking.

GlobalData's 2017 Retail Banking Insight Survey supports the premise that mobile will be the main channel through which consumers will access AI-enabled services. The survey revealed that 39% of global consumers now engage with this channel at least once a week, with most markets, particularly the Nordics and developing countries, seeing usage increasing over the last 12 months.

Fakhri, confirmed: "The popularity of mobile banking offers the sector a great opportunity to engage with their customers. With consumers effectively carrying their banks in their pockets all day, providers can target alerts, advice, and recommendations exactly when and where they're needed."

AI will also help banks offer personalized service, foremost via mobile channels, to an increasingly fragmented and individualized customer base.

Fakhri adds: "Consumers, particularly younger ones, often lack confidence when managing their finances. This means there is plenty of scope for AI-based services that can act as a guiding hand or even make simple decisions without user intervention."

Virtual assistants will harness technologies such as machine learning and predictive analytics to gain a deep understanding of users' financial behaviours, anticipate their needs, and offer fully informed recommendations.

Fakhri concludes: "Banks are sitting on mountains of unused customer data. Virtual assistants can mine this data to extract high quality insight that can help consumers save more, cut unnecessary spending, and make better use of their money."

For more information about the event which takes place October 22-25, 2017 and this year's AI-related sessions, visit Money20/20

For more information:

Analysts available for comment. Please contact the GlobalData Press Office:
EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809

Editor's notes

Comments provided by Daoud Fakhri, Principal Analyst for Retail Banking at GlobalData

About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors. - investing ideas in tech stocks- mobile payments, social media, AI and Robotics, Drone Stocks, GPS, Internet of Things (IoT)

Like Tech Stocks? View our Tech Stocks Directory

More Info: Newswire

This news is published on the Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: Learn more about publishing your news release on the newswire

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: Global investors must adhere to regulations of each country.

Please read privacy policy: