Banks today know that if they want to win on customer experience, they have to leverage powerful digital technologies to strengthen their overall customer experience to meet and even exceed customers’ increasing demands and expectations. Technologies like application programming interface (API), blockchain, and artificial intelligence (AI) are changing the industry and unlocking the potential for tailored customer experiences, hyper-personalization, and supporting new business models. Edge computing is one of the most promising tech innovations in banking today and is rapidly becoming a mission-critical infrastructure. That’s because of edge computing’s potential to be combined with other technologies like AI, cloud, and 5G networking across many banking use cases. AI is used for digital wealth management with a Robo-adviser that can upload thousands of possible adviser-client interactions. Banks use algorithmic trading on trade execution without human intervention which has advantages related to trading executed at the best possible prices, accurate trade order placement, and reduced risk of manual errors based on emotional and psychological factors. AI can also detect fraudulent transactions and anti-money laundering even for large data sets based on the customer's past behaviors and other data. Moreover, AI can enhance the bank's existing cybersecurity capabilities, improve monitoring and implement stronger preventive protocols to guard against sophisticated threats where the response is quick at a speed and scale not imagined before.
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