The driving rAIvolution of this decade in banking and finance has a name: Artificial Intelligence (AI). It is the decisive success factor for innovation and competitiveness. The most important aspect of this is that AI is a central management task. Those who fail to prioritise it this year will find themselves sidelined tomorrow. This is about far more than just technical aspects. The primary task is to develop a convincing AI STRATEGY now. For the entire company, and then for each individual department. Because AI makes it possible to increase the productivity of each individual employee enormously.
In banking in particular, AI has the potential to optimise customer relationships and business processes from the ground up: For example, in algorithmic trading and investment strategies, predictive analytics, credit risk management, data security, fraud detection, compliance, regulation, personalised financial services and improved customer interaction. The IBF analyses and researches the impact of AI on banking and finance and promotes the exchange of best practices and insights among its members. The IBF organises its own events to provide information on current opportunities relating to this indispensable topic of the future. AI is not everything. But without a clear AI strategy in the banking and finance industry, everything is nothing.
