The banking sector is one of the key beneficiaries of AI implementation. Not only does AI make banking more convenient for the client, it is also capable of bringing greater profits to the banking institution when applied in the investment sphere.
The tasks that banks are ready to entrust to artificial intelligence primarily entail work with large databases. These include customer interaction (processing of primary applications, provision of data to the manager, consulting on popular issues), technical forecasting in investment and the foreign currency market, among others. It means both savings on personnel costs, and a way to attract a client with the speed and quality of service. The speed of data processing, the ability to adjust and even predict rate fluctuations will also reduce transaction costs in foreign exchange transactions. The margin fee, which currently includes a time gap, can be reduced tenfold due to the speed of data provision. The bank will either use these funds for development or give them to the client, which again will become a competitive factor.
A merger worth tracking
The recently enacted merger between American giant PNC Financial Services and New Zealand’s AI-focused company ADD 4 I.T Limited also speaks of the change from the inertial scenario of technology development in the banking sector to a revolutionary one. PNC manages an impressive $297 billion in assets, and this partnership is a huge step for ADD and a very smart move for PNC, which will now reap a profit from the implementation of cutting-edge AI technologies.
ADD’s director Aaron Diggelmann and CTO Chris Scott are looking forward to an entirely new level of investment in their firm’s R&D, which will boost their research, becoming a point of growth for their company and a major profit generator for PNC and its subsidiaries.
We hope to be reporting on ADD’s breakthroughs in partnership with PNC in the very near future!