The Role Of Predictive Analytics In Retail Banking
RTInsights, Wednesday, December 20,2023
The combination of human interaction and AI's predictive analytics will drive success through informed decision-making, better rick management, and improved customer experiences.
The rapid development of new technologies usually creates a constant cycle of cutting-edge tools appearing in the spotlight and overshadowing the last new thing. Yet since sophisticated artificial intelligence's (AI) explosive arrival onto the tech scene, this powerhouse technology's popularity shows no signs of diminishing. By 2027, the AI market is expected to reach a remarkable $407 billion, up from about $87 billion in 2022.
In today's ultra-competitive business landscape, industries failing to embrace this burgeoning technology will lag behind those that do. A 2020 survey found that 77% of bankers think the future success of banks will hinge on their ability to use AI technology effectively.
Many banks are already taking advantage of AI, leveraging it for customer service improvement, fraud detection, and risk management. AI-powered chatbots and automated loan decisioning have become more common, allowing banks to provide personalized assistance to their customers on demand.