The State of AI in Banking


On this panel, industry experts (listed above) discussed what they are most excited about in AI in Banking. We’ve included a short transcription of the panel, beginning at 45:50 of the webinar.

Watch the full webinar here.

Michael Weiss, Ai4: So AI in banking… It’s 2020, what one topic are you most excited about for AI in banking? What is AI going to allow banks to actually do now that they couldn’t do five, 10 years ago? Roderick, go.

Roderick Powell, Ameris Bank: I think that one of the interesting things is in marketing. I’m mostly working in finance, but I think marketing to the customers and being able to use these techniques to say ‘let’s market these products to this set of customers based on training your model from prior behavior in the experience that you have with your customers. Figuring out how to target the right product to the right person, and you can figure that out by using the fit algorithm with good data.

Michael Weiss, Ai4: AI for marketing — good, done, Eric, go.

Eric Maloney, Blue Prism: I think it’s the mixture of intelligent information, what you can do with AI, ML and RPA. I’m going to focus inward. It’s going to transform work within the banks, and you’re going to have people freed up to do much more interesting, innovative stuff and the things that are much more complex and mundane and error-prone will be given over to these digital AI engines.

Michael Weiss, Ai4: I’m all for it. Wayne?

Wayne Shoumaker, Wells Fargo: I think there’s a couple of things. The first one that really interests me is being able to create systematic effects out of extremely higher order interactions of drivers in models where such modeling wasn’t possible in the past. The other thing is the proliferation of natural language mechanisms that are used to assist customers and, along with that, an increase in and scrutiny over how these models are interacting with the public.

Michael Weiss, Ai4: I’m with it. Sri?

Sri Ambati, H2O: We started the deconstruction of the bank even before we went into COVID-19. AI and data have certainly helped banks become more like fintechs, a tech giant is trying to do finance. Banks are really challenging themselves to become like software companies and tech companies. AI is certainly going to help that COVID-19 is moving that further. Open source is helping a lot of partnerships between banks and data banks, the brands. I think the technology is coming to make them even more guardians and custodians of privacy and of wealth. I think what we are beginning to see in post COVID-19 is rapid adoption of digital banks, right?

If you read, none of us have gone out for a month now which means that what was the initial learning curve for most of my banking customers in logging into their VPNs and getting work done remotely, is going to be the new norm as it happens. And you’ll see a new paradigm, a new genre, as some of our customers call it. The two types of people when they say people on the couch sitting and watching movies and TVs, people on the couch who are working 24/7. Those are the people who are changing the world. And I think it’s an incredible opportunity to look at ourselves, who we are. I think AI and the digital world is going to end socially distant, but spiritually connected and it is going to challenge us to rethink who we are as humans and it’s going to be a really powerful paradigm shift for us as a race.

Michael Weiss, Ai4: No doubt. I love it. And the best for last, Rajeev, AI in banking… What are you most excited about?Rajeev Sambyal: I’m actually excited about a lot of fintechs which are coming up, I think is going to change the whole landscape because that is going to drive the bigger banks or bigger organizations to either create a symbiotic relationship which is mutually beneficial to both or actually find ways to be nimble and be innovative, because that is the thing which is going to drive the innovation, right? What fintechs bring is newer technology, newer research, newer concepts, and what the big banks bring is running it as an enterprise scale, so not running it in one box in Azure or AWS or anything like that. They have the data and the capability to run it as an enterprise scale with all the risk and controls. So I think the combination of these two, I think that’s what I’m excited about. I’m seeing a lot of fintechs coming up doing some really good work, and I think as we actually start doing that and start seeing the banks adopting some of that, I’m excited about that.


Tags   •   Finance

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

ปั้มไลค์

Like!! Great article post.Really thank you! Really Cool.

Related Posts

Recent Posts

How AI is Revolutionizing Education -   Artificial intelligence has become increasingly relevant in a number of major industries. We read a lot about how it’s…
Three Amazing Ways AI is Revolutionizing Healthcare - It may not seem like it was too long ago when the idea of artificial intelligence playing a major role…
How 5G is Going to Impact AI in Automation Within Telecom - During this webinar, an industry expert discussed how an automation project comes to life from the initial business problem through…
How Automation Projects Come to Life in Telecom - During this webinar, an industry expert discussed how an automation project comes to life from the initial business problem through…
The Future of AI in Marketing - During this webinar, industry experts discussed where AI in marketing was heading in the future. We’ve included a short transcription…
How AI Has Changed Marketing - During this webinar, industry experts discussed how AI has changed the marketing industry. We’ve included a short transcription of the…
Key Takeaways From Ai4 2020 - Artificial Intelligence Creates the Demand of Innovation, Autonomy, and Personalization Amidst a Crisis There is a seemingly quiet, yet enormous…
Computer Vision Versus Other ML Projects - During this webinar, industry experts discussed computer vision projects versus other machine learning projects within an enterprise setting. We’ve included…
Computer Vision in the Enterprise - During this webinar, industry experts discussed if computer vision computer is commonplace within enterprises that have machine learning models in…
How AI is Enabling Banks to Provide a Better User Experience - During this webinar, industry experts discussed how AI is enabling banks to provide a better user experience for having both…

Popular Posts

Does Healthcare AI Meet Basic Ethics Principles? - Ingrid Vasiliu-Feltes Chief Quality and Innovation Officer MEDNAX, Health Solutions Partner Over the past decade we have noticed an exponential…
Machine Learning and Artificial Intelligence in Banking - Artit "Art" Wangperawong Distinguished Engineer US Bank Introduction Every company’s AI journey is different. We’re all trying to figure out…
Machine Learning for Pricing and Inventory Optimization @ Macy’s - Jolene Mork Senior Data Scientist Macy's Iain Stitt Data Scientist Macy's Bhagyesh Phanse VP, Data Science Macy's Overview In this…
Artificial Intelligence & Cybersecurity: Math Not Magic - Wayne Chung CTO FBI Introduction The field of cybersecurity has slowly progressed from an art to a science. It has…
AI/ML in Investment and Risk Management: Recent Applications, Use Cases, and Implementation Challenges - Arvind Rajan Managing Director - Head of Global & Macro PGIM Fixed Income Introduction Investing is a completely different ballgame…
Top AI Conferences - Interested in learning the latest in AI this year? We’ve compiled a list of the top artificial intelligence conferences in…
Machine Learning in Production: From Research to the Customer - Ameen Kazerouni Lead Data Scientist Zappos Overview In this presentation Ameen Kazerouni, the Lead Data Scientist at Zappos, walks through…
How COVID-19 is Impacting the State of AI in Banking - On this panel, industry experts (listed above) discussed The State of AI in Banking and how COVID-19 is affecting it.…
“Ask Me Anything” with Zappos’s Head of AI/ML Research & Platforms, Ameen Kazerouni - Ameen Kazerouni Head of AI/ML Research & Platforms Zappos Family of Companies Ai4 recently hosted an "Ask Me Anything" session…
The Autonomous Pharmacy: Applying AI and ML to Medication Management Across the Care Continuum - Ken Perez VP of Healthcare Policy Omnicell, Inc. Ken applies artificial intelligence (AI) and machine learning (ML) solutions to medication…