Artificial intelligence (AI) is regarded as an increasingly important technology for the banking sector. When used as a tool to power internal operations, proponents of the technology urge that AI can help banks and other financial service providers improve customer service, fraud detection and operational management, among other areas. According to a recent survey by Dentons, 74% of financial services sector respondents said they were already using AI for IT and cybersecurity purposes, while 72% had deployed it for customer service and support functions. The other major areas for AI adoption, according to the survey, were sales and marketing, research and development and finance and accounting – all at 69%. However, beyond these predominantly back office functions, many banks still have concerns about deploying AI in key operational areas […]
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