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AI can transform UK banking

(Image credit: Image source: Shutterstock/MaximP)

The financial services industry (opens in new tab) is ready to adopt artificial intelligence and machine learning with 83 per cent of banks having evaluated AI and ML solutions according to a recent study. 

Augmented intelligence solutions provider, Squirro (opens in new tab) surveyed 200 global tier one and tier two banks to reveal that AI is the most important disruptive technology for today's banks. The firm's study, 'Enhanced bankers – The impact of AI (opens in new tab)' explored how banks are looking to deploy AI and ML solutions to source new leads and opportunities. 

According to the study 67 per cent of financial institutions have actively deployed AI and ML solutions though a large number of respondents (83%) are still unaware of how to apply the technology to better solve their organisation's problems. 

Of those surveyed, 87 per cent said that it would be highly impactful if an AI engine could be utilised to spot relevant events that led to engaging with clients to close a deal. Overall though, bankers are well aware of the potential that AI driven insights have when it comes to anticipating market events to say ahead of the competition. 

A large majority of bankers said that they would want AI insights to be delivered to them using existing methods so that AI could be integrated into their current workflows. When it came to receiving AI insights, 100 per cent of respondents said they would prefer to receive them via email while 83 per cent said they wanted them to appear within their CRM system. 

VP of Customer Success at Squirro, Miguel Rodriguez provided further insight on the results of the study, saying: 

“The report has shown that banks are increasingly receptive to using AI and machine learning in their organisation, but it also highlighted what needs to be done to ensure maximum value is gained. Insights and Recommendations need to be fully integrated with CRM and core banking systems, to deliver real value to bankers. Used in this way, it can deliver customer and market insights to source new deals, recommend the next best action and improve all manner of other business processes in banking.”   

Image Credit: MaximP / Shutterstock

After getting his start at ITProPortal and then working with the TechRadar Pro team for the last several years, Anthony is now the security and networking editor at Tom’s Guide where he covers everything from data breaches to how to cover your whole home or business with Wi-Fi. When not writing, you can find him tinkering with PCs and game consoles, managing cables and upgrading his smart home.