1. Better customer experience, cost reduction and improved risk management are key drivers for AI. Banks are looking to leverage AI for revenue growth, customer retention and profitability.
2. AI driven authentication and fraud detection can go a long way to help banks achieve these goals.
3. Getting AI to work is not easy. Avoid these common mistakes such as machine and developer biases, training on limited data, and not fine-tuning models for accuracy.
4. Get the small things right. Leverage AI to get to know your consumer better (voice, speech, authentication accuracy), to identify suspicious behaviors (calling patterns, reconnaissance, spoofing) and to safeguard your infrastructure.
5. Bet big on AI. Use AI to strengthen customer interactions, stop fraudsters. External specialist vendors do this far better and know the ropes. They can increase your chances of success with AI.