The era of connectedness: How AI will help deliver the future of banking

Theodora Lau and Bradley Leimer
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Theodora Lau: Unconventional Ventures, USA

Journal of Digital Banking, 2019, vol. 3, issue 3, 215-231

Abstract: How will the future model of financial services be delivered, and how can analytical tools leveraging artificial intelligence (AI) and machine learning create new forms of customer value? This paper begins by providing historical context around modern technological conveniences and explaining how this bring new forms of contextual interactions utilising personalised data and emerging technologies. Through examples from global technology firms, the authors explore how the absorption and optimisation of customer data lead to more pertinent advice centred around everyday life events, and where innovations in financial services could transform the banking industry. The paper uses pertinent industry use cases that demonstrate how financial institutions can build trust and empathy to create a deeper, more emotional connection between brand and customer. The paper reviews how modern applications of AI are collectively creating a more inclusive and equitable financial services ecosystem. These innovations will help deliver new value on top of evolving service platforms to create symbiotic relationships between health and wealth that could have significant multigenerational impacts. The paper concludes that there should be greater societal value derived from the financial services sector as it develops new algorithmic pathways towards broader and systematic financial security for the greater good.

Keywords: AI; artificial intelligence; banking; digital; financial services; FinTech; innovation; technology (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2019:v:3:i:3:p:215-231

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