Tony Boobier

AI and the Future of Banking (eBook, PDF)

• Format: PDF

Produktbeschreibung

An industry-specific guide to the applications of Advanced Analytics and AI to the banking industry Artificial Intelligence (AI) technologies help organisations to get smarter and more effective over time - ultimately responding to, learning from and interacting with human voices. It is predicted that by 2025, half of all businesses will be using these intelligent, self-learning systems. Across its entire breadth and depth, the banking industry is at the forefront of investigating Advanced Analytics and AI technology for use in a broad range of applications, such as customer analytics and providing wealth advice for clients. AI and the Future of Banking provides new and established banking industry professionals with the essential information on the implications of data and analytics on their roles, responsibilities and personal career development. Unlike existing books on the subject which tend to be overly technical and complex, this accessible, reader-friendly guide is designed to be easily understood by any banking professional with limited or no IT background. Chapters focus on practical guidance on the use of analytics to improve operational effectiveness, customer retention and finance and risk management. Theory and published case studies are clearly explained, whilst considerations such as operating costs, regulation and market saturation are discussed in real-world context. Written by a recognised expert in AI and Advanced Analytics, this book: * Explores the numerous applications for Advanced Analytics and AI in various areas of banking and finance * Offers advice on the most effective ways to integrate AI into existing bank ecosystems * Suggests alternative and complementary visions for the future of banking, addressing issues like branch transformation, new models of universal banking and 'debranding' * Explains the concept of 'Open Banking,' which securely shares information without needing to reveal passwords * Addresses the development of leadership relative to AI adoption in the banking industry AI and the Future of Banking is an informative and up-to-date resource for bank executives and managers, new entrants to the banking industry, financial technology and financial services practitioners and students in postgraduate finance and banking courses.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 304
• Erscheinungstermin: 6. April 2020
• Englisch
• ISBN-13: 9781119596134
• Artikelnr.: 59167251

Autorenporträt

TONY BOOBIER is a former IBM worldwide executive focusing on financial services. He has over 30 years of experience and is a frequent writer and international public speaker. Tony possesses a deep understanding of how to apply business intelligence and analytics to enhance the management and delivery of products and services in numerous industries. A recognised expert in customer analytics, risk and operational effectiveness, he is a strong advocate for enterprise-wide analytics to improve service and reduce cost. He holds professional qualifications in engineering, marketing, supply chain management and insurance.

Inhaltsangabe

Acknowledgements xv

About the Author xvi

Introduction xvii

Chapter 1 Prologue: Why Banking? 1

Summary 1

Introduction 2

What is Banking? 4

What Do We Mean by 'Money' Today? 7

A Cashless Society Increasingly Emerges 8

Key Banking Functions 10

Future Jobs in Banking 14

Conclusion 17

References 18

Chapter 2 Imperatives in Banking 21

Summary 21

Introduction 21

Strategy and Imperatives 23

Strategy 23

Business Imperatives 24

Current Imperatives in Banking 24

Comparable Imperatives in the Retail Industry 26

Comparable Imperatives in the Telecom Industry 27

Comparable Imperatives in the Healthcare Industry 29

Future Imperatives in Banking 30

Greater Customer Centricity 30

Becoming Truly Digital 31

Completely Accepting Technological Change 33

Reimagining Banking 33

Reinventing Risk Management 35

Conclusion 36

References 37

Chapter 3 Data and Analytics Primer 39

Summary 39

Introduction 39

Data Management and Analytics 42

Data Management 42

The Hierarchy of Analytics 43

'Next-Generation' Cognitive Analytics 45

Extracting Value from Data 46

The Importance of Location Analytics 50

Conclusion 51

References 52

Chapter 4 Key Elements of Banking Analytics 55

Summary 55

Introduction 56

Office of Finance Management 56

Performance Management and Integrated Decision Making 58

The Key Elements of Banking Performance Management 59

Customer Analytics 61

Customer Insight 61

Credit Ratings 65

Branch-Specific Campaigns 66

Impact of Social Media Campaigns 67

Relationship Pricing 69

Client Servicing 71

Risk Management 73

Risk Scenario Analytics 74

Fraud Detection 75

Regulatory Compliance 76

Risk Management and AI 76

Operational Efficiency 77

IT Cost Transparency 78

Branch Performance Management 78

Contact Centre Service 80

Payments Monitoring 82

Mortgage Tracking 83

Sales, Compensation and Commission Management 83

Financial Markets Risk and Trade Monitoring 84

Analytics in Portfolio Management 85

Derivative Markets 86

Conclusion 87

References 89

Chapter 5 Machine Learning, AI and 'Apps' 93

Summary 93

Introduction 93

Theory and Practice of Machine Learning 95

Apps and Their Usage 96

Data Visualisation 101

Voice Recognition and Voice Assistants 102

Visual and Facial Recognition 104

Thumbprint Recognition 106

Palm Vein Recognition 107

Wealth Management Systems and Apps 107

The Biometric Moral Argument 109

Conclusion 111

References 112

Chapter 6 AI and the Importance of Brand in Banking 115

Summary 115

Introduction 116

Brand Value and Equity in Banking 117

Millennial and Gen Y Brand Expectations from Bank Brands 119

Branding Expectations of Generation Z 120

Branding Expectations of Generation X 121

Branding and Customer Experience Interlocked 123

Branding and Human-Centred Design 124

To Brand or to Debrand? 125

Banks Will Use AI to Beco