Four Ways Artificial Intelligence Will Transform Banking Posted on : Jun 18 - 2019

On a recent trip to New York, I stopped by a bank on Fifth Avenue, where I was greeted by a friendly employee named Pepper. We exchanged a few pleasantries before she provided me with information on what the bank had to offer. Then she asked a few questions before pointing me to another staff member for more specific assistance.

All pretty standard, right? But here's the twist: Pepper is a robot.

Standing four feet tall, Pepper recognizes faces and emotions. She can respond through voice or by displaying messages on a tablet embedded in her torso. Resembling an affable futuristic doll, Pepper is not only a unique conversation piece, but a tangible glimpse into the future of financial technology.

One of the perks of my work in digital-products management is that I frequently get to experience some of the industry’s most groundbreaking gadgets, and meet with the bright individuals working on these advancements. I first made Pepper’s acquaintance during a visit to the innovation lab at one of the largest Canadian banks in Toronto. It was there I learned and witnessed that Pepper gladly poses for “selfies,” tells jokes and even does a little dance if a human staff member isn't immediately available.

Artificial intelligence continues to spread rapidly across industries that rely heavily on data — which encompasses virtually all industries. The financial services sector is no exception. A PricewaterhouseCooper study shows that 52% of financial services industry executives are currently making "substantial" investments in artificial intelligence (AI), and 72% of business decision makers believe AI will be the business advantage of the future. Machine learning (ML) has become a permanent fixture in fintech, creating almost infinite possibilities as it continues to grow and develop. View More