There has been conversation about banking and its role in the expansion of FinTech. Many have been looking for major banks to provide them with cutting edge solutions for their mobile lifestyle. While most banks have taken strides in the mobile arena, artificial intelligence is left undiscovered.
I believe that the outcry for artificial intelligence is futile. Currently, major banks have mobile apps that allow you to manage accounts, deposit checks, and even check your FICO score. This technology came out years ago, signaling that we might have already found the Uber of banking. Artificial intelligence can spark a new trend in mobile banking, but might not be practical. When it comes to personal finance, automation can seem irresponsible and lazy. It is up to users to trust AI to execute IFTTT processes on bank accounts. Personally, spending a few extra seconds on a mobile app in exchange for peace of mind is worth it. I do believe that banks are utilizing most consumer friendly FinTech innovations, and calls for more technology in the fields are baseless.
Link: http://bankinnovation.net/2017/03/is-bankings-uber-moment-coming/?utm_medium=email&utm_source=fintechweeklycom
I agree that while many new fintech technologies can be beneficial to industries, some applications may not make total sense in every application and AI in banking is one of these cases. If 2016 was the year of virtual reality, then 2017 will likely be the year of artificial intelligence, if this year’s CES is any indication. As so, every industry is likely to see how AI can be integrated to make their products and services better, in banking’s case, many are making the argument that AI can be used in the place of humans to make banking decisions and handling customers instead of humans. However, I do not feel that banking is a very good industry for the application of AI in this way because of liability and the high variability in customer needs at a bank.