The banking industry, and the broader financial services sector, has historically been a laggard in technology investments. But its spend on artificial intelligence and cognitive technologies is outpacing all other industries – to the tune of a projected ~$10 billion by 2020.
Why are banks making this massive technological investment? Because they’re becoming acutely aware that today’s digitally-savvy consumers expect a fully personalized and individualized banking experience – an Amazon-like experience. KPMG calls this a “segment of one,” wherein banks use artificial intelligence, cognitive capabilities, data and analytics to comprehensively understand and respond to who each individual customer is, what they want, and what they need, via any type of digital device.
In this podcast, Mitch Siegel, National Financial Services Strategy and Transformation Leader, and Terry Walls, Customer Service Transformation lead for KPMG U.S., sat down to discuss: