How UK banks are looking to use AI and machine learning
The major UK banks are eyeing artificial intelligence (AI) technology to help them use the huge volumes of data they have on hand to improve compliance, increase customer engagement and improve operational efficiency.
According to a report from Accenture, banks are likely to see savings of between 20 to 25 percent across IT operations, infrastructure, maintenance and operations costs.
Whether this truly benefits the customer more or the banks themselves is up for debate, and up to regulators to try and police. Still, applications of machine learning techniques to banks rich data sets can help fight fraud, save time and money for customers and automate back-office functions.
So, just how are the major banks looking to use the cutting edge AI and machine learning technologies? Here are just a few examples.