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AI and the Future of Banking

Release Date: 2020/06/01
ISBN: 9781119596127
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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.

Table of Contents

  1. Cover
  2. Acknowledgements
  3. About the Author
  4. Introduction
  5. CHAPTER 1: Prologue: Why Banking?
    1. SUMMARY
    2. INTRODUCTION
    3. WHAT IS BANKING?
    4. WHAT DO WE MEAN BY ‘MONEY’ TODAY?
    5. A CASHLESS SOCIETY INCREASINGLY EMERGES
    6. KEY BANKING FUNCTIONS
    7. FUTURE JOBS IN BANKING
    8. CONCLUSION
    9. REFERENCES
  6. CHAPTER 2: Imperatives in Banking
    1. SUMMARY
    2. INTRODUCTION
    3. STRATEGY AND IMPERATIVES
    4. CURRENT IMPERATIVES IN BANKING
    5. FUTURE IMPERATIVES IN BANKING
    6. CONCLUSION
    7. REFERENCES
  7. CHAPTER 3: Data and Analytics Primer
    1. SUMMARY
    2. INTRODUCTION
    3. DATA MANAGEMENT AND ANALYTICS
    4. CONCLUSION
    5. REFERENCES
  8. CHAPTER 4: Key Elements of Banking Analytics
    1. SUMMARY
    2. INTRODUCTION
    3. OFFICE OF FINANCE MANAGEMENT
    4. CUSTOMER ANALYTICS
    5. RISK MANAGEMENT
    6. OPERATIONAL EFFICIENCY
    7. CONCLUSION
    8. REFERENCES
  9. CHAPTER 5: Machine Learning, AI and ‘Apps’
    1. SUMMARY
    2. INTRODUCTION
    3. THEORY AND PRACTICE OF MACHINE LEARNING
    4. APPS AND THEIR USAGE
    5. WEALTH MANAGEMENT SYSTEMS AND APPS
    6. THE BIOMETRIC MORAL ARGUMENT
    7. CONCLUSION
    8. REFERENCES
  10. CHAPTER 6: AI and the Importance of Brand in Banking
    1. SUMMARY
    2. INTRODUCTION
    3. BRAND VALUE AND EQUITY IN BANKING
    4. BRANDING AND CUSTOMER EXPERIENCE INTERLOCKED
    5. BANKS WILL USE AI TO BECOME LIFESTYLE MANAGERS
    6. CONCLUSION
    7. REFERENCES
  11. CHAPTER 7: AI Leadership and Employee Transformation
    1. SUMMARY
    2. INTRODUCTION
    3. LEADERSHIP IN AN AI-INFUSED AGE
    4. FUNCTIONAL CHANGE AND ROLE TRANSFORMATION
    5. CONCLUSION
    6. REFERENCES
  12. CHAPTER 8: The Bank of the Future
    1. SUMMARY
    2. INTRODUCTION
    3. BRANCH MAKEOVER
    4. UNIVERSAL BANKING AND BEYOND
    5. BANKS AS THE CATALYST FOR CHANGE: ‘PEER TO PEER’
    6. PAYMENT PROCESSES BECOME MORE CUSTOMER CENTRIC
    7. FIVE SCENARIOS FOR THE ‘BANK OF THE FUTURE’
    8. TRANSFORMATION OF THE INVESTMENT BANK
    9. CONCLUSION
    10. REFERENCES
  13. CHAPTER 9: Open Banking and Blockchain
    1. SUMMARY
    2. INTRODUCTION
    3. BLOCKCHAIN IN BANKING
    4. CONCLUSION
    5. REFERENCES
  14. CHAPTER 10: Innovation and Implementation
    1. SUMMARY
    2. INTRODUCTION
    3. IMPLEMENTATION
    4. FINTECH FOR BANKING
    5. BLOCKAGES TO INNOVATION
    6. CONCLUSION
    7. REFERENCES
  15. CHAPTER 11: Cybercrime and IT Resilience
    1. SUMMARY
    2. INTRODUCTION
    3. SAFEGUARDING THE BANK OF THE FUTURE: NEW CYBER SECURITY THREATS
    4. AI FRAUD DETECTION IN BANKING
    5. CYBER AND THE LAW
    6. CONCLUSION
    7. REFERENCES
  16. CHAPTER 12: Epilogue
  17. Appendix: Fintech in BankingFintech in Banking
    1. CREDIT SCORING/DIRECT LENDING
    2. ASSISTANTS/PERSONAL FINANCE
    3. REGULATORY/FRAUD DETECTION
    4. GENERAL PURPOSE/PREDICTIVE ANALYTICS
    5. QUANTITATIVE AND ASSET MANAGEMENT
    6. MARKET RESEARCH/SENTIMENT ANALYTICS
    7. DEBT COLLECTION
    8. INSURTECH
    9. BLOCKCHAIN
    10. INVESTMENTS
    11. CRYPTOCURRENCY
    12. SECURITY
    13. FINANCING
    14. PAYMENTS
    15. ASIAN STARTUPS
    16. REFERENCES
  18. Index
  19. End User License Agreement
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