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.
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