August 2020
Beginner
352 pages
8h 45m
English
Content preview from Enterprise AI For Dummies
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Chapter 11
Banking and Financial Services: Making It Personal
IN THIS CHAPTER
Understanding how regulation and pressure from financial technology is affecting banking and financial services
Discovering how to use AI to turn big data into a competitive advantage
Connecting AI techniques to business outcomes
Exploring banking and financial services use cases for AI
The financial services industry has been shaken up by several factors in recent years. Since the 2008 financial crisis, consumer banks, corporate banks, and wealth management firms alike have been forced to adapt to increased regulations such as the Dodd-Frank Act. Dodd-Frank is 2,300 pages long, but wait, there’s more. The Home Mortgage Disclosure Act requires an improvement in the quality of data reported by financial institutions. With an abundance of regulations to satisfy, the costs of compliance are rising rapidly.
Traditional banks can use AI and big data to gain a competitive advantage over financial technology (fintech) companies through the level of personalization and customer experience they offer, while reducing ...
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