The evolving expectations of consumers in the banking and financial services industry, highlights the need for traditional institutions to adapt to a digital-first approach.
|
Artificial Intelligence |
|
|
Technology |
About |
Significance |
|
Embedded finance |
It refers to integration of financial services into nonfinancial platforms, such as e-commerce, social media or business software. |
It can offer convenience, choice and personalization to customers, as well as new revenue streams for platform providers and financial institutions. |
|
Platform based models |
These are business models that rely on digital platforms to connect different types of users, such as producers, consumers and service providers. |
It can enable faster and cheaper transactions, greater network effects, and more data-driven insights |
|
Exponential technologies |
These are technologies that have the potential to create exponential growth and impact in various domains, such as artificial intelligence, big data, cloud computing, biotechnology, and nanotechnology |
It can help banks improve their efficiency, agility, scalability, and innovation |
|
Virtual enterprise |
These are organizations that operate primarily through digital channels and networks, rather than physical locations and assets. |
It can leverage advanced data science and emerging technologies to accelerate innovation and collaboration, as well as create more relevant and personalized customer experiences |
|
Generative AI |
It refers to a category of AI, that is designed to generate new content, information, or responses based on patterns learned from existing data |
It enhances customer engagement, fraud detection and provide conversational interfaces like chatbot, voice assistant etc., |
A large global bank could better the accuracy of its conversational AI by 25% in addition to substantially improving testing and classification.
To know about AI in healthcare click here
To know about AI Safety Summit 2023 click here
