Bankers need to understand how much AI can benefit their businesses
American Banker There are practical AI-based solutions available right now that not only can, but will almost definitely be utilized to solve major issues that bankers have wrestled with for years.
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Artificial intelligence has had a major impact on many industries, and banking is no different. Technologies like biometrics, advanced chat and algorithm-driven trading can help solve issues that have plagued bankers for years.
"AI will change banking" has become an industry trope in recent years, with experts predicting how future developments might be used. But there are practical AI-based solutions available right now that not only can, but will almost definitely be utilized to solve major issues that bankers have wrestled with for years.
Security is one of those issues. Despite the billions spent to protect institutions and the billions paid to buy off attackers things are only getting worse, with synthetic identity fraud costing banks nearly $50 billion last year. As many as 95% of phony identities go undetected. Biometrics, combined with machine learning, ensures a high level of accuracy with a minimum of false positives or other errors.
