DIGITAL BANKING
innovation and insights on customer data more holistically than it is today , where a person ’ s financial data is split across several organisations ”.
This development has the potential to provide customers with more comprehensive and personalised financial services , as banks and other financial institutions gain a more complete picture of their customer ’ s financial lives .
However , as Prashant points out , the success of AI in banking ultimately depends on people .
“ The industry needs to invest in training people on AI ,” he says . “ Putting this technology into the hands of users , across all functions and lines of business – not just technology users – allows everyone to understand how transformative it can be to their role and the workflows around them .”
As we head into 2025 , it ’ s clear the future of banking will be shaped by those institutions that can successfully harness the power of AI while maintaining the human touch that customers value .
Prashant concludes : “ As AI continues to transform the financial services industry , the challenge lies in upskilling people – many of whose jobs will dramatically change .”
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AI Revolutionizing Banking : Exploring the Future of Finance fintechmagazine . com 79