Best practices for AI banking:
Find the right balance between collaborating with third-party providers and creating in-house proprietary solutions. Bigger banks may work on in-house solutions more than smaller FIs since they typically have access to more AI talent.
Centralise data for easier utilisation. A centralised data storage location makes the data accessible to any division, so they can leverage it more effectively.
Take the long view of judging AI’s success while bearing in mind the ROI of those solutions. A good AI strategy relies on leadership that understands AI, but banks should keep tabs on the ROI and the effects of AI solutions they implement, including ending those that don’t boost their bottom lines.
