The Transformative Potential of AI in Banking: Navigating the Future of Risk, Customer Growth, and Compliance

The Transformative Potential of AI in Banking: Navigating the Future of Risk, Customer Growth, and Compliance Author: William W. Collins Date: August 27, 2024 Blog URL: tech.williamwcollins.com Abstract Artificial Intelligence (AI) is redefining the banking industry by offering unprecedented opportunities to enhance risk management, customer growth, and regulatory compliance. The recent analysis of Deloitte's research highlights the bank functions with the highest AI potential, emphasizing the critical areas where AI can provide the most significant improvements. This article delves into the key aspects of AI's role in banking, discussing its impact on various functions, the challenges of implementation, and the future outlook. We will explore both risk management and customer growth sectors in banking, illustrating how AI is poised to transform these areas and offering insights into how financial institutions can effectively harness this technology to stay competitive and c...