Among these trends, financial institutions are now also exploring Artificial Intelligence and Data Analytics, which includes machine learning enabled credit scoring models and credit decisions; artificial intelligence enabled solutions to anti money laundering and know your customers; and technology usage to analyze and get insights from piles of available data and take more informed decisions.
Developments in big data analytics is helping financial institutions to dig deeper and get insights about customers' behavior, needs and wants. Similarly, artificial intelligence is facilitating quick decision-making using computer algorithms and big data in ways that were unimaginable a few years ago. Investing in technology offer immense potential.