Will AI Change Banking for Good?
A study of 34 major banks across geographies found that 27 out of these 34 banks have implemented AI in their front-office functions in the form of virtual assistants, chatbots, and digital advisors.
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
.svg)
A study of 34 major banks across geographies (US, EU, Singapore, Africa, Australia, and India) found that 27 out of these 34 banks have implemented AI in their front-office functions in the form of virtual assistants, chatbots, and digital advisors. Across these regions, some of the most prominent banks in this space are OCBC, ABN Amro, Bank of America, and YES Bank. Front-office applications have certainly seen a significant increase in intensity, scope, and adoption. In reality, however, the AI strategy in the US banking industry is far more diverse. One of the more explored areas of AI/ML\ application is automation. The estimated global market potential of RPA is projected to be $8.75 billion by 2024.
All major banks in the US are experimenting with AI in one of the four sets of applications: front-office uses; back-office uses; trading & portfolio management in financial markets; and uses of AI and machine learning by financial institutions for regulatory compliance (RegTech) or by public authorities for supervision (SupTech). In Asia, AI could produce an economic value between $1.8–$3 trillion a year by 2030, generated by the introduction of new product services & categories, cost savings arising from better products, lower overall prices, and improvements in lifestyles. While the two largest economies globally dominate global research and development in the artificial intelligence (AI) field, Credit Suisse expects China to come first in the race. RPA is expected to have a $6.7 trillion economic impact globally, a plan that will result in a 40-45% growth of global spending on technology.
In one of Provoke.fm’s podcasts, Brett King, JP Nicols, and Philippe Van Fraechem (GM, North Europe & Worldwide Program Director, EFMA) discuss where the banks are with the adoption of AI, emphasizing the role of customer experience and customer success in bringing the advanced technology into customer-focused areas—both in the banking industry and in the tech/internet world—and what we can hope for them in 2018.
To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.
The modern
way of proving identity
Trusted by 1,000+ leading companies to reduce fraud and improve consumer
Frequently Asked Questions
Keep reading
Read the article: Prove Appoints Industry Veteran Frances Zelazny to Bring Privacy-Preserving Biometrics to Its Identity PlatformProve has appointed biometrics industry veteran Frances Zelazny as General Manager of New Market Innovations to lead the development of privacy-preserving biometric and KYC compliance solutions. The move expands Prove’s digital identity platform with continuous, quantum-resistant identity assurance designed to combat AI-driven fraud and strengthen trust across the customer lifecycle.
Read the article: Prove Convenes Inaugural Executive Advisory Board to Define Trust Infrastructure for the Agentic EconomyProve launches its inaugural Executive Advisory Board, uniting banking, payments, and AI leaders to build trust infrastructure for the agentic economy.
Read the article: When Bots Look Human: A Master Class in Marketplace TrustExplore key insights from Marketplace Risk Management Conference leaders at DoorDash and Wolt on how AI-driven fraud, deepfakes, and bot attacks are reshaping marketplace trust and safety. Learn why continuous identity verification and proactive fraud prevention are becoming essential to protecting platform integrity across the entire customer journey.
Trusted by 2000+ leading companies to reduce fraud and improve consumer experiences, Prove is the world’s most accurate identity verification and authentication platform.
