Sopra Steria’s Post

THE AI-ENABLED BANKING ERA: Download our digital banking experience report In its latest report, our parent company, Sopra Steria, unveils critical insights into the AI-driven seismic shifts impacting the banking sector. Read the ‘Digital Banking Experience Report’ to learn how AI is disrupting every bank in its path. Find out how jobs are changing, customers are getting more demanding, and disruptive new entrants are encroaching on traditional banking territory in the AI age. Key highlights: • AI is an efficiency game changer Almost half (47%) of bank decision-makers plan to integrate Generative AI into their business, and 45% plan to invest in AI-driven automation and workflow optimisation. AI also facilitates open finance, allowing banks to process data faster while streamlining connectivity capabilities, which most (74%) see as crucial to success. • AI brings cybersecurity and job threats Banks are also wary of AI’s impact on their business. AI-driven cyber-attacks and job market disruption are among the greatest concerns: 37% of bankers fear the tech will put their company at greater risk of cyber-attacks, and 30% worry AI will hurt banking sector jobs. • Customer trust at risk Trust is the lynchpin of the banking industry, and 80% of customers still trust their banks. However, banks risk losing this trust: 51% of customers believe banks aren’t interested in making them money. Banks aren’t delivering on personalised services customers expect. AI can help on this – if banks embrace it. • Big tech menace Nearly 50% of customers would consider Big Tech banking service alternatives, signalling unprecedented and rapid disruption for industry stalwarts. More than one in three (36%) banks judge ‘GAFAM-style players’ as the greatest threat to our business. Don't fall behind in the AI age. Dive into our report and explore how to lead your institution into a future of enhanced performance and customer satisfaction. Download the full report: https://lnkd.in/ex7vj4GR And visit our website to learn more about what we can do to help your business ride the AI wave. #GenAI #DigitalTransformation #AIinBanking #FutureofBanking #TheWorldIsHowWeShapeIt

The AI-ENABLED BANKING ERA: Download our digital banking experience report In its latest report, our parent company, Sopra Steria, unveils critical insights into the AI-driven seismic shifts impacting the banking sector. Read the ‘Digital Banking Experience Report’ to learn how AI is disrupting every bank in its path. Find out how jobs are changing, customers are getting more demanding, and disruptive new entrants are encroaching on traditional banking territory in the AI age. Key highlights: • AI is an efficiency game changer Almost half (47%) of bank decision-makers plan to integrate Generative AI into their business, and 45% plan to invest in AI-driven automation and workflow optimisation. AI also facilitates open finance, allowing banks to process data faster while streamlining connectivity capabilities, which most (74%) see as crucial to success. • AI brings cybersecurity and job threats Banks are also wary of AI’s impact on their business. AI-driven cyber-attacks and job market disruption are among the greatest concerns: 37% of bankers fear the tech will put their company at greater risk of cyber-attacks, and 30% worry AI will hurt banking sector jobs. • Customer trust at risk Trust is the lynchpin of the banking industry, and 80% of customers still trust their banks. However, banks risk losing this trust: 51% of customers believe banks aren’t interested in making them money. Banks aren’t delivering on personalised services customers expect. AI can help on this – if banks embrace it. • Big tech menace Nearly 50% of customers would consider Big Tech banking service alternatives, signalling unprecedented and rapid disruption for industry stalwarts. More than one in three (36%) banks judge ‘GAFAM-style players’ as the greatest threat to our business. Don't fall behind in the AI age. Dive into our report and explore how to lead your institution into a future of enhanced performance and customer satisfaction. Download the full report: https://lnkd.in/eDKv376i And visit our website to learn more about what we can do to help your business ride the AI wave. #GenAI #DigitalTransformation #AIinBanking #FutureofBanking #TheWorldIsHowWeShapeIt

🚀 The Top 10 Banking Trends for 2024: Embracing the Age of AI💡 The banking sector is on the cusp of a transformative era, as highlighted in a recent Forbes article by Michael Abbott. As we enter 2024, the integration of Generative AI (Gen AI) in banking is not just altering operations but redefining the very essence of banking services. Here are the top 10 trends shaping the future of banking: 🌐The Rise of Gen AI: Banks are increasingly adopting Gen AI, with a potential productivity boost of 22-30%. This technology is expected to significantly enhance revenue, especially in sales, marketing, and customer interactions. 🌐Capturing the Digital Dividend: Digital banking has evolved beyond basic transactions to offer more personalized experiences. AI is enabling banks to transform digital touchpoints into meaningful customer interactions. 🌐Managing Unseen Risks: With the unpredictable nature of risks, banks are focusing on improving their risk management strategies, leveraging AI for better prediction and resilience. 🌐A New Way of Working: The integration of AI in banking demands a shift in workforce strategy, emphasizing continuous learning and adaptability. 🌐The Power of Pricing: AI is enabling banks to find the perfect pricing strategy by analyzing vast amounts of data and continuously learning from outcomes. 🌐Cloud-First Approach: The demands of AI computing are pushing banks towards a cloud-first strategy, facilitating faster and more efficient data processing. 🌐Regulation Recalibrated: As AI becomes more prevalent, regulations are evolving to ensure that they are effective without being overly burdensome. 🌐From Technology to Engineering: The focus in banking is shifting from maintaining infrastructure to designing and developing new AI-driven products. 🌐Revamping the Core: AI is helping banks modernize their legacy systems, making processes more efficient and cost-effective. 🌐Beyond Six Sigma: Banks are using AI to tackle both quantitative and qualitative problems, setting new benchmarks in performance and cost management. These trends underscore the pivotal role of AI in shaping the future of banking. As we navigate through 2024, the synergy of AI and human expertise in banking is poised to unlock unprecedented levels of efficiency, personalization, and innovation. #BankingTrends2024 #AIinBanking #DigitalTransformation #FinTech #AI #artificialintelligence

AI-Powered Personalization: The Latest Trend in Digital Banking In the ever-evolving landscape of digital banking, one trend that's gaining momentum is AI-powered personalization. As banks strive to differentiate themselves and deliver exceptional customer experiences, artificial intelligence (AI) is proving to be a game-changer. # Understanding Customer Needs With AI, banks can analyze vast amounts of customer data to gain insights into individual preferences, behaviors, and financial goals. By understanding each customer's unique needs and preferences, banks can tailor their offerings and recommendations accordingly, creating personalized experiences that resonate with users on a deeper level. # Hyper-Personalized Products and Services From personalized product recommendations to customized financial advice, AI enables banks to offer hyper-personalized products and services that meet the specific needs of each customer. Whether it's suggesting the right credit card based on spending habits or recommending investment opportunities aligned with long-term goals, AI-powered personalization enhances the relevance and value of banking offerings. # Predictive Analytics for Proactive Engagement AI also enables banks to leverage predictive analytics to anticipate customer needs and proactively engage with them. By analyzing historical data and patterns, AI algorithms can identify potential life events, such as buying a home or planning for retirement, and offer proactive guidance and support. This proactive approach not only strengthens customer relationships but also helps drive better financial outcomes for users. # Enhanced Security and Fraud Detection In addition to personalization, AI plays a crucial role in enhancing security and fraud detection in digital banking. By continuously monitoring user behavior and transaction patterns, AI algorithms can detect anomalies and suspicious activities in real-time, helping banks mitigate risks and protect customers from fraud and identity theft. # Embracing the Future of Digital Banking As AI-powered personalization continues to gain traction, banks must embrace this trend to stay competitive in the digital banking landscape. By harnessing the power of AI to deliver tailored experiences, anticipate customer needs, enhance security, and drive better outcomes, banks can position themselves as trusted advisors and partners in their customers' financial journeys.

Welcome to our quarterly GFT Banking Disruption Index. This quarter, we focus on the innovation led by artificial intelligence (AI) and how it is affecting the experience of the modern banking customer. To download the report: https://okt.to/VFWQ2D #teamGFT #banking #index #BDI #report #consumers #technology #digital #retailbanking #gftuk

A warning about LLM and AI from German government: https://lnkd.in/gMDaGDij Yes. Regulation and validation/verification (V&V) are critical. For example, nuclear tests were to V&V atomic bomb models. An UN newly released report said that AI ONLY benefits small amount of states, companies and individuals, i.e., some few humans are making big money by using AI to harm many people. AI is based on math models, and models must be V&V before we can trust them. Using math models to simulate a physical process started from the Manhattan Project in WWII for nuclear bomb design. Then, in 1960s, it came the C4ISR, which is today's AI, whose original missions were just breaching enemy's security, dis-/mis-information, cognitive manipulation, cheat, surveillance, detection for kill, etc.. In our reality, AI causes expensive electricity bills to a C-level friend of ours. 😔 😥 😿 AI can do many things, but NOT everything, at least NOT what we are doing, by using our intellectual property (IP), a copyrighted multilingual metadata. Without metadata, NO data can be found/retrieved, even by AI. https://lnkd.in/g-aJFnXR

Gen AI can deliver up to $80 billion in business value to the retail banking sector in the US. Let’s break down where this value lies and explore how you can get started with gen AI, today. https://goo.gle/3Rxc2AP #genai #generativeai #googlecloudplatform #retailbanking #banking

This year’s World Retail Banking Report puts a spotlight on the tricky balance retail banks need to find between making customers happier with the ‘user experience’ and making their operations more efficient with AI technology.   Speaking about the critical findings of the report, Anirban Bose, CEO of Capgemini Financial Services says, ”Our 2024 report demonstrates how the seamless adoption of generative AI-powered copilots can augment human expertise and revitalise retail banking.”   Explore the major shifts in the retail banking ecosystem and the impact they will have on the #FutureOfRetailBanking in this article by Kangkan HALDER on Delano – https://lnkd.in/eN4Rfbwx #WRBR24 #AI #RetailBanking

🚀 Embracing AI: The Game-Changer in Banking 🏦 The banking landscape is evolving at an unprecedented pace, and at the forefront of this transformation is the rise of Artificial Intelligence (AI). AI is revolutionizing how banks operate by automating tasks, enhancing customer service, and fortifying fraud detection. 🤖 For instance, AI-powered chatbots now cater to customer inquiries 24/7, while AI-driven fraud detection systems swiftly pinpoint suspicious transactions. As AI continues to advance, its profound impact on the banking industry becomes increasingly evident. 🌐 Banks that harness the power of AI are poised to thrive in the future. 🌐 But that's not all! Here are some other compelling trends reshaping the world of banking: 1️⃣ Open Banking: This innovative practice allows third-party financial service providers to access customer data from banks. 🔄 It's paving the way for groundbreaking innovations like personalized financial advice and novel payment methods. 2️⃣ The Rise of Neobanks: Digital-only banks are gaining immense traction with their streamlined, user-friendly approach. 💻 They are attracting customers seeking convenience and affordability in their banking experiences. 3️⃣ Mobile Banking Boom: With smartphones becoming indispensable in our lives, more and more people are embracing mobile banking 📱 as their go-to banking method. This trend is set to continue with advancements in mobile technology. These are just a glimpse of the recent trends shaping the banking industry. 💼 The world of banking is in constant flux, and it's truly fascinating to anticipate the new trends that will emerge in the years ahead. Stay tuned to stay ahead! 💡 #BankingTrends #AIinBanking #FintechInnovation