AI the key to success in the future of banking: Rich Data Co

AI the key to success in the future of banking: Rich Data Co

Written by Rich Data Co.


What skills do finance professionals need to succeed in 2023?

In our view, bankers will need to become AI natives to succeed in 2023 and beyond.

In a similar way that calculators and PC’s replaced some of the work that bankers were doing manually, artificial intelligence will replace some of the manual work bankers are doing today. More importantly, AI gives bankers insight into the future vs. just looking back at historical data.  As a result, AI will become the banker’s assistant. By leveraging machine learning algorithms and predictive analytics, bankers can gain deeper understanding of their customers, especially what their customer financial health is likely to be in the future.  With that, bankers can now provide their customers with personalized products when they are needed and where they needed. This improves customer satisfaction and loyalty, thereby increasing retention rates. AI can also be used to analyze vast amounts of data for bankers to make better-informed decisions and optimize their operations. This is an opportunity that everyone should embrace, because artificial intelligence will free us all from low value time consuming tasks to allow us to look into future and focus on high value customer focused activities.

The bankers who can leverage AI well and combine that with their emotional intelligence will get ahead of the game. Human empathy, industry understanding and context are all essential and needed to best leverage the better qualitative information that AI gives us.

Rich Data Co the company that Michael Coomer, Gordon Campbell, Ada Guan and Charles Guan co-founded 7 years ago to disrupt the credit industry, believed then and believe now, that a ‘human in the loop’ with AI is also the key for delivering responsible lending solutions, especially in the highly regulated financial services industry.

Australian banks are ahead of the pack in terms of using AI in business lending but there’s still a long way to go. So to summarise, #EQ+#IQ will deliver better outcomes for customers. Harmonising humanity and AI is the future for all of us…