Despite the nascent stage of Artificial Intelligence (AI)
adoption, its benefits are already being realised at many large
banks across the globe. According to Tata Consultancy Services
(TCS) research, "banking and FS executive found that
investment in AI helped them reduce production costs by 13%.
Additionally, executives reported a 17% average revenue increase in
the area of their AI initiatives". At one European bank, a
shift from statistical regression to machine learning for credit
analysis increased mortgaged collections by over 30%
The opportunities for the application of AI in banking are
immense and we expect the effect to grow significantly in the next
few years. Research by the International Data Corporation forecasts
that globally, AI solutions will continue to see significant
corporate investment over the next several years, achieving a
compound annual growth rate of 54.4 % through to 2020.
