While the game-changing potential of AI to transform the customer experience and strengthen customer loyalty is widely recognized across the business world, practical applicability and specific use cases remain underdeveloped and underused, especially in financial services.
The slow uptake isn’t down to lack of interest or willingness to embrace AI. Rather banks face several unique challenges when it comes to adopting new technologies, especially ones that require such justifiably strict and robust governance.
These regulatory and legal hurdles, combined with inadequate architecture and a lack of foundational data capabilities, restrict banks from innovating their use of AI as fast as many other industries.
However, because the industry is still in a relatively low stage of AI maturity, there exists a significant opportunity for forward-thinking banks and financial institutions to build on and accelerate existing digital transformation initiatives, using AI to great effect.
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