Cloud Computing and AI transform the Banking sector

By CIOReview | Friday, May 18, 2018

With the adoption and development of cognitive computing capabilities, the way customers interact with their banks will ultimately change for good. Artificial intelligence and cloud computing will empower banks to efficiently redefine the workflow, create innovative products and services, and transform customer experiences.

Many banks have adopted AI, infusing it into their customer experience. This development is witness to AI’s role in banking becoming increasingly crucial and visible over the next few years.

The introduction of cloud computing and AI will permit the banking workforce to discard repetitive, process driven tasks towards the more strategic and innovative kinds of work that will ultimately drive the industry forward. It will provide smooth interaction between customers, employees and AI-led services. It will also help to break through the silos and practices of process-driven banking and let banks mature to analytics-driven entities, applying data to acquaint and shape processes in real time dynamically.

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One of the most ambitious digital projects is the creation and launch of a Chatbot named CORA by Royal Bank of Scotland (RBS), capable of helping clients in real-time, 24/7. The artificial intelligence virtual assistant is developed by IBM, including its Cloud Platform (former Bluemix) and its flagship cognitive computing software Watson.

Watson leverages machine learning techniques to lower the barriers of entry to business development, making the process of launching a service faster than previously has been.

Recognizing both the potential and limitations of these disruptive technologies across the value chain is critical. Banks must acknowledge that it is a tool to release pressure points, and derive greater creativity and value from the workforce.