Banking

AI-bank of the future: How can banks meet the AI challenge?

Artificial intelligence technologies are increasingly integral to the world we live in, and banks need to deploy these technologies at scale to remain relevant. For many banks, ensuring adoption of AI technologies across the enterprise is no longer a choice, but a strategic imperative. Success requires a holistic transformation spanning multiple layers of the organization.

Digital transformation in banking requires a shift to online and digital services as well as a change in backend processes to promote digitization and automation. To compete with digital natives, banks should provide an end-to-end digital experience to their customers by integrating necessary technologies.

Unlike industries like healthcare, banking and financial services mostly deal with structured quantitative data which makes it easier to digitize and automate processes. This is a double-edged sword: Financial services institutions can have more effective digital transformation initiatives compared to other industries; however, it is also easier for attackers to launch digital native financial institutions.

Given the numerous tech giants and fintech companies encroaching on their business, banks need to ramp up their digital transformation efforts and adopt technologies such as machine learning, automation and blockchain. N2N.ai has emerging technologies, products, solutions and services to answer all relevant questions on digital transformation in financial and banking industry.