Why Banks should be embracing AI

Artificial Intelligence in Banking plays an important role. With Fintechs and other challengers threatening to pick off the most profitable parts of Corporate Banking such as international money transfers and the provision of FX services, never has there been a more important time for banks to invest in fundamentally improving the ways that they serve their corporate customers if they are to retain and grow their share of their customers banking business and importantly
delivering this profitably.

Retail Banks

Unlike in the Retail Banking industry, where most customers use only one institution for their banking services, Corporate Bankers have always had to operate on the basis that their customers will have relationships with several institutions and therefore they have to compete for share of wallet.

Corporate Banks

There are two strategic questions that Corporate Banks need to address.

What is it that corporate treasurers (the principle owners of the relationships with the banks) want and what will incentivise them to increase the proportion of their banking business that they give to one institution over another?

Artificial Intelligence in Banking

Courtesy:- finextra