| | December 20218CIOReviewBANKING ON THE FUTURE OF ARTIFICIAL INTELLIGENCE FOR MAXIMI$ING DATA By Ravnit Singh Kohli, Managing Director (Technology) and Head of the New York/Canada Business Unit, SynechronARTIFICIAL INTELLIGENCE (AI) IS AT THE HEART OF A PARADIGM SHIFT IN THE FINANCIAL INDUSTRY. We are witnessing a revolution as AI is having a powerful impact on banking. Most of AI-led innovation can be grouped under one of the four buckets: Customer Experience, Operational Efficiency, Revenue Generation and Risk Mitigation. Although these buckets seem different, there is some overlap.CUSTOMER EXPERIENCE: Customer centricity should be the starting point of digitally-led innovation , with an objective of building a wholistic 360-degree view of the customer. This sounds simple, yet achieving this is easier said than done. Complexities associated with fragmentation of customer data across different business groups prevail. Providing an enhanced customer experience covers multiple aspects: personalized and contextualized experiences, seamless client onboarding, unified experience across service lines, seamless self-service capabilities, Virtual Chat Bots, Robo-advisors or a recommendation engine. Also notable, recommendation models created for banking clients are much more complicated than those used in e-commerce applications. That's because the datasets are disparate and include past banking or trading history, social events, lifecycle events, spending patterns, etc. Given the complexity dealing with individualized fragmented data, and the underlying organizational silos, optimization of the client experience is a roadmap. Banks that strategically invest into this earlier on will be the clear winners.OPERATIONAL EFFICIENCY: Banks are always seeking to derive greater efficiencies. The advent of Robotic Process Automation (RPA), Optimal Character Recognition (OCR) and Natural Language Processing (NLP) tools has made this much easier. Shifting much of these tedious, manual tasks from human to machine, banks have significantly reduced the need for human involvement. That's had a direct impact on everything from performance and efficiency levels to staffing and expenses. IN MY OPINION
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