Banking

Banks need AI Cloud to remain competitive and protect themselves and their clients from ever evolving threats

For those in the banking industry, the ever-evolving complexity of both serving and protecting their customers to the highest standard presents a set of unique challenges. AI Cloud is giving the banking industry a new model to solve their most important challenges.

Discover more AI use cases for Banking

• Fraud

  In 2020, financial losses from fraud complaints lodged with the Federal Trade Commission in the United States totalled $3.3 billion (FTC). By fighting fraud with either outdated, rules-based systems, or expensive, black-box vendor models, banks will continue to run the risk of exposure to fraudulent transactions.

• Customer Relationships

  Banks spend an incredible amount of time and money on new customer acquisition. Yet, many of these relationships fall short of their potential. Whether writing a new loan or providing financial advice, they typically deal with only 10-20% of a customer’s wallet (PWC). And even once banks convert leads to clients, the delay rate in the account opening process can be as high as 15%.

• Security

  Financial institution are 300 times more likely than other companies to be targeted by a cyberattack—and dealing with those attacks and their aftermath carries a higher cost for banks and wealth managers than for any other sector (BCG).

• Churn

  The number of banks has decreased since 2016 (FDIC). At the same time, the number of upstart fintech companies—particularly in lending and payments—has grown at a staggering pace. With their customer-centric user experiences and ability to use data to optimize their business (DataRobot), these fintechs are gaining market share, placing pressure on all organizations to keep customers happy and retain loyal customers.