AI Cloud for Banking

Frequently Asked Questions

• How are banks using AI?

  Banks are leveraging AI across business lines and within first, second, and third lines of defense (business/operations, risk management/information security, and audit, respectively). With easier deployment of DataRobot’s AI, banks can:

  • Comply to regulation with automated compliance documentation that ensures consistency of the documentation process with detailed model documentation created within seconds.
  • Deepen customer relationships with models that recommend relevant products and services.
  • Differentiate high-risk alerts from false alarms with suspicious activity detection models that detect unusual behavior and identify instances of money laundering.
  • Prevent and detect fraud in real time, reducing financial risk for their customers.
• What is the top challenge to using AI in banking?

  A pressing challenge for banks is ensuring and modernizing governance structure to accommodate adaptive AI infrastructure to maintain performant models in production while managing risk appropriately. While the demand for AI is rising, the inability for banks to find and retain an army of data scientists causes a number of issues in building, monitoring, and deploying models. In order for banks to successfully adopt AI, they need a comprehensive and streamlined end-to-end platform to safely and securely have more models that continuously adapt.

• What are the benefits of AI in banking?

  With AI, banks can leverage their substantial investments in data acquisition and integration to solve their hardest challenges. By learning from their own data, banks can find and attract new clients, deepen existing client relationships, improve the client experience, identify new growth opportunities, meet regulatory requirements, and fight financial crime effectively and efficiently.

• How will AI transform the banking industry?

  Banks will continue to face growing competition from technology-enabled players that are embracing AI to win market share. With AI, banks can deepen their customer relationships and improve client retention by better anticipating customer needs and personalizing to their customer. Organizations that build their business models around AI and use machine learning to leverage their data resources and business expertise will be able to internally operate more efficiently, thrive in this ultra competitive environment, and dominate the market.