The State of AI in Banking and Its Optimal Applications
The world spends $3 trillion annually on data processing and collection, and the financial industry alone spends $42 billion on manual data work each year. Digitization programs focused on margin and customer service improvement have taken aim at this work. At leading institutions, AI-driven RPA is the tip of the spear.
This report from Oliver Wyman’s Celent Research arm provides a timely and concise picture of where the banking industry is, in regards to its use of AI. The report evaluates the maturity of AI-driven applications in different areas of banking and ranks 18 software and services vendors on the number of production AI solutions in 5 critical middle- and back-office use cases:
– Credit: sales, application/underwriting, booking & servicing
– Trade finance: document processing
– Compliance: onboarding, KYC, AML
– Payments fraud
– Payments processing
Readers will benefit from business-friendly descriptions of how AI addresses each use case, which will allow leaders to make a case for initiating or focusing an AI-driven digitization effort in these and other similar areas of a bank.
WorkFusion was ranked as the No. 1 vendor, out of 18, based on product capabilities and the number of banking use cases in production. To talk with a WorkFusion banking expert about your digitization efforts, please email firstname.lastname@example.org.