Let’s take a second to break down preconceived notions of what Artificial Intelligence is and how we can harness its’ full potential–with the help of some financial executives across the U.S.
An extensive report from PYMNTS and Brighterion, surveyed more than 200 financial executives and their financial institutions (FIs) from commercial banks, community banks and credit unions across the United States. Exploring perceived limitations, future uses, and tangible benefits. Some key findings of the report are below:
- FIs see AI’s potential to more effectively fight fraud, but only 5.5 percent utilize it, intentionally utilized for personalized, case specific action
- FIs believe AI’s real benefits is that it reduces manual review and exception processes–a chief learning system benefit. Tackling complicated fraud prevention tasks while reducing demand on human resources as compared to other systems.
- Surveyed FIs have concerns about AIs complexity and transparency but work through them as data mining is lacking as well.
- FIs express strong interest in using AI’s dynamic capabilities to improve fraud prevention.