How to Redefine “Personal” Banking with Data, Artificial Intelligence, and Mobility
Director, Omnichannel Financial Services, Javelin Strategy & Research
AVP for Emerging Technologies, USAA
Digital banking technology is its own worst enemy. On the one hand, it makes it easier than ever for customers to monitor and manage money with minimal contact with bankers, who have long profited from making banking seem personal and one-to-one in a physical way. To counter the digital convenience conundrum, financial institutions must gather and mine customer data and apply artificial intelligence to redefine the meaning of “personal” in a digital-first era. Increasingly, that will be determined by how well FIs get to know their customers complete financial status, deliver relevant and timely insight, anticipate wide-ranging financial needs in real-time, and position themselves to recommend action for ever-mobile consumers.