24 August 2016
How AI-Powered Platforms Can Disrupt the Banking System
By Alexey Utkin
Alexey Utkin, SVP in the Finance Practice at DataArt, contributes an article to Spear's on the applications and benefits of Artificial Intelligence (AI) in the banking industry, specifically in the areas of fraud detection, credit scoring and automation.
“An AI-powered system can help users with initial personal financial planning, but once it has done this it can also them help choose the best financial products available to put the plan in motion... Two areas that will massively benefit from AI are fraud detection and credit scoring. …Biometrics/voice and face recognition is another. Recommender systems — the type of information-filtering AI that stands behind things like Amazon or Netflix suggestions — revolutionised the retail marketplace.
AI can deliver stronger business performance via smart, predictable analytics and cost efficiencies by speeding up and automating thousands of manual, paper and human processes... An example is Rainbird, an AI system that supports business operations. Another system is Nuance, a virtual customer services assistant.
A real challenge for an incumbent bank is to bring all this valuable data into a single platform to be able to analyse it. Challenger banks, with newer systems built from the ground up, may have the edge.”