Will AI Change Banking for Good?

August 4, 2021

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’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.

Keep reading

See all blogs
Prove’s Tim Brown Explains How to Reduce Fraud and Improve Onboarding with Identity Verification

Reporters from GreenSheet, a popular publication that highlights trends in the banking, financial services, and fintech markets, recently met with Prove’s Global Identity Officer, Tim Brown to learn how advanced identity verification solutions are driving faster and better digital customer onboarding.

Kaushal Ls
May 21, 2024
Prove CEO Rodger Desai Featured on Fintech Leaders Podcast

Prove CEO and co-founder Rodger Desai was recently the featured guest on the Fintech Leaders podcast with fintech leader and entrepreneur Miguel Armaza. The two discussed the identity verification market, innovations in onboarding and customer enablement, and explained how smartphone data provides the most effective way to verify customers.

Kelley Vallone
May 16, 2024
Marketplace Risk Proudly Names Prove as the Leader in Identity Authentication

Marketplace Risk, a leading authority in risk management for online platforms, has announced the recipients of its annual Solution Provider Excellence Program. This prestigious initiative spotlights industry leaders in risk, trust, and safety solutions, showcasing their expertise in addressing the challenges encountered by digital marketplaces, gig economy, and digital platforms. Among the winners is Prove.

May 15, 2024