It makes good economic sense that when people work toward their own economic benefit, the economy, and society, as a whole benefits—but do these profitable conditions benefit all members of society, or are some left out? Today, fintech challengers are accomplishing what traditional banks have failed to fully achieve—providing fair and open access to basic financial services for all of the world’s citizens.
Artificial intelligence is gaining increasing recognition among bankers as not only an investment opportunity but a very useful tool within their own operations toward the goal of maximizing efficiency and cutting costs. Beyond that, though, forward-thinking bank managers recognize the technology as a double-edged sword, with strong potential to improve the customer value of their product and service offerings.