How technology is rebuilding banking infrastructure at scale?

Big banks are using AI and other technologies for their operations.In recent years, we have seen amazing corporate adoption of technology development such as AI, machine learning, big data and analytics. These technologies have dramatically changed the way organizations do business. These solutions are now entering the banking sector and changing all aspects of the banking process. Many financial institutions are planning to control their technology when it comes to IT services so that they can successfully remain friendly and competitive in the banking environment.

Undoubtedly, banks have been reluctant to update their systems for years. The systems you use today are products that have been continuously innovated over the years to meet your immediate customer needs. However, such a system is not suitable for banking in the digital age, making the industry a competitive enterprise with increasing fintech startups.

There are many technologies that can interfere with banking and financial services. These include augmented reality (AR), blockchain, RPA, quantum computing, AI, cloud computing, instant payments, big data analytics, and more.

Big Banking Infrastructure TechnologyMany banks are still struggling to expand their capabilities in their organizations in the experimental phase of AI. This is due to a clear and robust strategy, inflexible investment approach, fragmented data assets, and lack of outdated operating models that hinder collaboration between business and technology teams. According to McKinsey estimates, AI technology could potentially provide $ 1 trillion added value per year for global baking. On the other hand, most current financial institutions are using AI to do rapid digitization. Royal Bank of Canada (RBC) is one of the largest banks in Canada, integrating AI into its existing operations and demanding its role in entirely new applications.

Financial services providers have developed their own AI research and development center, which began with select GPUs integrated by Dell, HPE and IBM. However, I quickly realized that it would make more sense to go directly to sources like Nvidia for a full stack with integrated computing and networking.

In 2019, JPMorgan Chase increased its technology budget to $ 11.4 billion. Earlier, the bank introduced a Contract Intelligence (COIN) chatbot in 2017 designed to evaluate legal documents and extract key data points and clauses. Bank of America also incorporated AI technology with the introduction of the popular chatbot, Erica in 2017. Financial institutions made chatbots available for Rhode Island and in June 2018 allowed all customers to download the Erika app from the company’s website. These AI-powered chatbots typically provide alerts and notifications to customers and mark recurring payments when they exceed expectations.

In a broader sense, artificial intelligence has the potential to dramatically improve financial services providers’ ability to achieve higher returns, better personalization, unique omni-channel experiences, and faster innovation cycles.

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