Retail banks are among the most sophisticated users of machine learning among all other industries. In recent years, they have developed automated loan approval processes, credit scoring systems, targeted marketing capabilities, and a variety of other types of solutions.
And they have done this as a matter of necessity. The number of upstart fintech companies in the lending and payments spaces has grown exponentially- and they are gobbling up market share. Retail banks must dramatically expand their use of AI and machine learning to optimize every part of their business or risk failure.
This eBook highlights five key AI solutions that all retail banks need to develop to be competitive. These solutions will dramatically boost revenue and improve competitive position, while at the same time uncover new ideas and opportunities.
Retail banking AI use cases covered in this eBook include:
- Predictive product recommendations
- Customer retention and well-being
- Pricing optimization and lifetime value
- Fraud detection/prevention
- Sales goal-setting