Banks are looking more into AI technology as has the potential to save them an estimated $447 billion by 2023, according to Business Insider.

An Autonomous Next research project seen by Business Insider Intelligence suggests that front and middle offices in banks will account for $416 billion of the saved funds by using AI. In an OpenText survey of financial professionals, 75% of respondents at banks with over $100 billion in assets say they are currently in the process of implementing AI strategies. Around 46% of banks with under $100 billion in assets are realizing AI strategies.

Limited AI is already being used in banks like in chat-bots in the front office or anti-payments in middle offices. Some banks are already using winning AI strategies and there are a number of approaches that banks should be implementing to get the most of this AI-enabled digital transformation.

Banks are using AI to smooth customer identification and authentication as well as analyze data to help provide personalized insights and recommendations to customers. AI can mimic live employees through chat-bots and voice assistants.

AI in middle-offices helps to improve processes for anti-money laundering (AML) and know-your-customer (KYC) regulatory checks. Business Insider Intelligence has written a full report of all the strategies and new AI in banks.

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Economics, Finance and Investing