{"id":604059,"date":"2024-01-09T18:00:31","date_gmt":"2024-01-09T15:00:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/"},"modified":"2024-01-09T18:00:31","modified_gmt":"2024-01-09T15:00:31","slug":"the-five-biggest-artificial-intelligence-trends-for-banking-in-2024","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/","title":{"rendered":"#The five biggest artificial intelligence trends for banking in 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25daea2ebed\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25daea2ebed\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/#1_Generative_AI\" >1. Generative AI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/#2_Responsible_AI\" >2. Responsible AI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/#3_AI_governance\" >3. AI governance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/#4_AI_to_realise_financial_wellbeing\" >4. AI to realise financial wellbeing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/the-five-biggest-artificial-intelligence-trends-for-banking-in-2024\/#5_Expanding_data_sources\" >5. Expanding data sources<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"article-main-content\">\n                            <span style=\"font-weight: 400;\">AI is fast becoming a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>-changer for banks, and 2023 saw a greater integration of these <\/span><span style=\"font-weight: 400;\">tools, especially in areas such as fraud detection and customer experience. The data-driven <\/span><span style=\"font-weight: 400;\">nature of the banking industry provides exactly the right environment for rapid and <\/span><span style=\"font-weight: 400;\">effective AI deployment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we enter 2024, it is likely that there will be expeditious growth in both adoption and effectiveness in the areas where it is already used, with banking continuing to remain at the forefront of the \u201creal-world\u201d adoption of <\/span><span style=\"font-weight: 400;\">AI<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banks will use AI in financial literacy support, savings and investment planning, and, more <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly, to help individuals and businesses to optimise their financial situation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This will include improving the customer experience through personalised insights and enhanced security in banking <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>s, which will help support customers in an era of fewer brick-and-mortar bank branches and more channels for digital engagement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This will only accelerate as banking becomes increasingly embedded into other areas of life. <\/span><span style=\"font-weight: 400;\">However, as access to data continues to grow, so too will the pressure for increased <\/span><span style=\"font-weight: 400;\">regulation and the adoption of best practices to ensure the ethical and responsible use of <\/span><span style=\"font-weight: 400;\">the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>. As leading trends in AI for banking in 2024, these are as follows.<\/span><\/p>\n<div class=\"inarticle-wrapper latest channel-cta hs-embed-tnw\">\n<div id=\"hs-embed-tnw\" class=\"channel-cta-wrapper\">\n<div class=\"channel-cta-img\"><img decoding=\"async\" class=\"js-lazy\" src=\"https:\/\/s3.amazonaws.com\/events.tnw\/hardfork-2018\/uploads\/visuals\/tnw-newsletter.png\"\/><\/div>\n<p><noscript><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/events.tnw\/hardfork-2018\/uploads\/visuals\/tnw-newsletter.png\"\/><\/noscript><\/p>\n<div class=\"channel-cta-input\">\n<p class=\"channel-cta-title\">The &lt;3 of EU tech<\/p>\n<p class=\"channel-cta-tagline\">The latest rumblings from the EU tech scene, a story from our wise ol&#8217; founder Boris, and some questionable AI art. It&#8217;s free, every week, in your inbox. Sign up now!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_Generative_AI\"><\/span><strong>1. Generative AI<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The rise of generative AI promises to unleash a wave of innovation, efficiency, and <\/span><span style=\"font-weight: 400;\">personalisation for banks and their own customers. This can revolutionise how banking <\/span><span style=\"font-weight: 400;\">operations and services are delivered. It can also create novel and unique services, deliver huge efficiencies for banking operations, and change the way end users interact with banking.\u00a0<\/span><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/capturing-the-full-value-of-generative-ai-in-banking\"><span style=\"font-weight: 400;\">According to McKinsey<\/span><\/a><span style=\"font-weight: 400;\">, across the banking industry, the technology could deliver value equal to an additional $200 billion to $340 billion annually. This can result from various use cases and applications, allowing huge efficiencies in the banking backend. Banking customers are also going to witness improved support as well as unique banking services and experience.<\/span><i\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Responsible_AI\"><\/span><strong>2. Responsible AI<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><i><span>\u00a0<\/span><\/i><span style=\"font-weight: 400;\">With the rise of use of AI in banking and finance applications, there will be a need to have <\/span><span style=\"font-weight: 400;\">true explainable AI whose models could be easily understood, analysed, and augmented by <\/span><span style=\"font-weight: 400;\">the business stakeholders and the regulating authorities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, there is a need for the outputs of these models to be easily understood and analysed by the lay user. There is also a need to make sure that the outputs of these models are not biassed (against any customer sector or demography) and they are fair and safe.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indeed, trust and bias continue to be prominent barriers for AI adoption. For example, <\/span><span style=\"font-weight: 400;\">Apple\u2019s algorithms \u2014 used to decide whether to grant credit lines \u2014 were <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wired.com\/story\/the-apple-card-didnt-see-genderand-thats-the-problem\/\"><span style=\"font-weight: 400;\">accused of gender <\/span><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wired.com\/story\/the-apple-card-didnt-see-genderand-thats-the-problem\/\"><span style=\"font-weight: 400;\">bias<\/span><\/a><span style=\"font-weight: 400;\"> in 2019, allocating fewer credit lines to women than men.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With these risks at the forefront of AI technology for \u201chigh-risk\u201d applications, such as credit scoring, banks are likely to feel increased pressure from regulatory and customer influences. So, the \u201cexplainability\u201d of AI is key, and banks will need to establish a set of processes that allow users to understand the output created by machine learning algorithms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The success of AI will be enhanced visibility of explainable AI to spot and correct potential flaws and vulnerabilities in models.<\/span><i\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_AI_governance\"><\/span><strong>3. AI governance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Most governments and regulating authorities all over the world are working on tight AI governance that will allow access to the full power of AI while dealing with it as a <\/span><span style=\"font-weight: 400;\">safe and useful technology with its own regulation and governance to safeguard any inadvertent repercussions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There will be an increased need for tight governance and compliance processes for the safe use of AI in different banking and financial institutions.<\/span><i\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_AI_to_realise_financial_wellbeing\"><\/span><strong>4. AI to realise financial wellbeing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Financial wellbeing will be a very important concept that explainable AI can help to realise <\/span><span style=\"font-weight: 400;\">for banks and financial institutions. For instance, managing bank end processes, intra-day <\/span><span style=\"font-weight: 400;\">liquidity forecasting, sentiment analysis, etc. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will also be of benefit to customers, by forecasting cash flow and support in case of financial difficulty, or help to pick the best suitable mortgage or help in wealth advice, for example. Explainable AI will help underpin stable financial markets, as well as healthy finance support for banking end customers.<\/span><i\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"5_Expanding_data_sources\"><\/span><strong>5. Expanding data sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With the rise of the Internet of Things (IoT) and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, more data will become <\/span><span style=\"font-weight: 400;\">available about the banking industry and its end customers. AI can play an important role in <\/span><span style=\"font-weight: 400;\">extracting full value from unstructured social media data and huge volumes of IoT data and <\/span><span style=\"font-weight: 400;\">fuse this with the customer banking data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This will allow the banking apps to help and support the banks and their end customers in extensive ways which allow the production of novel unique services which can change the face of banking for the years to come.<\/span><\/p>\n<p><i><span>Hani Hagras is Chief <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">Science<\/a> Officer and Head of the AI Business Unit at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.temenos.com\/\">Temenos<\/a>,\u00a0the banking software company.\u00a0Temenos is a world leader in Explainable AI and developing Generative AI with ethical and responsible deployment in banking. Hani is also a Professor of Artificial Intelligence at the University of Essex, where he is Director of the Computational Intelligence Centre and Head of the AI Research Group.\u00a0<\/span><\/i>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/5-biggest-artificial-intelligence-trends-banking-in-2024\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI is fast becoming a game-changer for banks, and 2023 saw a greater integration of these tools, especially in areas such as fraud detection and customer experience. The data-driven nature of the banking industry provides exactly the right environment for rapid and effective AI deployment.\u00a0 As we enter 2024, it is likely that there will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":604060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/tnw-blurple?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2024\/01\/DALL\u00b7E-2024-01-09-13.49.40-A-futuristic-scene-in-a-banking-environment-showcasing-how-artificial-intelligence-is-revolutionizing-the-sector.-In-the-foreground-a-diverse-group--e1704804668584.jpg&signature=93509dd85cad39fc0285ddccfcee88b5","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-604059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/604059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=604059"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/604059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/604060"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=604059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=604059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=604059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}