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AI in banking: The good, the bad and the ugly

The pros and cons of the latest technologies are becoming increasingly embedded in business processes

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    • Leading financial institutions and fintechs are using artificial intelligence and machine learning to drive insights and granular decisions across the customer life cycle from acquisition, credit decisioning, servicing, cross-selling and retention.
    • Leading financial institutions and fintechs are using artificial intelligence and machine learning to drive insights and granular decisions across the customer life cycle from acquisition, credit decisioning, servicing, cross-selling and retention. PHOTO: LIANHE ZAOBAO

    Praveen Raina

    Published Sat, Jun 1, 2024 · 05:00 AM

    ARTIFICIAL intelligence (AI) and machine learning (ML) are widely celebrated as the most influential technology and business trends today.

    McKinsey research suggests that a convergence of 15 disruptive technologies – from cloud to climate – will transform the future of businesses and organisations. Some US$1 trillion in capital has been invested into companies producing or linked to these.

    Of the 15 technologies, three have witnessed high maturity in terms of business adoption – applied AI, cloud computing and advanced connectivity. Generative AI (GenAI), the newest kid on the block, may be low on the maturity scale but also holds enormous potential for businesses, especially financial institutions and other service industries.

    Artificial IntelligenceBanking

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