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Top 6 Trends for the Banking Industry in 2024

Perficient

Driven by technological advancements, regulatory changes, and shifting consumer preferences, the banking industry must evolve and respond accordingly. Intelligent automation and other data analytic tools enable banks to optimize processes, enhance decision-making, and improve customer experiences.

Trends 221
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Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. Personalization of Customer Services. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies.

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Solve This Problem with Your Strategic Horizon

South State Correspondent

and about an 80%+ return spent on reducing customer churn, increasing lifetime value and/or helping cross-sell. In comparison, investments in new technology or new business lines pale in comparison to other strategic investments due to the time and effort it takes to get a business line off the ground.

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Customer Identity Management Is NOT the Same as Access Control

FICO

Customer identity management is most frequently confused with identity and access management, sometimes known as identity management, which is defined as “a framework of policies and technologies for ensuring that the proper people in an enterprise have the appropriate access to technology resources.” Customer screening.

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Citi Rolls Out AI-Powered Risk Analytics Scoring Engine

PYMNTS

In a press release , Citi said it teamed up with EY and SAS to create the scoring engine, which aims to streamline the time it takes to review high volumes of trade transactions while also ensuring regulatory compliance. Many banks still rely on manual, paper-based processes, driving up operational costs and impacting the customer experience.

Analytics 123
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Controlling the Narrative: How Financial Services Institutions Can Stay Ahead of Reputational Risk

Perficient

Political climate, environmental issues, technology innovations, criminal activity, economic volatility/inflation, account diversity, and industry regulatory changes are just a few examples of factors that often spur reputational risk or crises. Reputational risk is convoluted.

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ChatGPT 3.5 Turbo – The Risks and Ethics for a Bank Enterprise Application

South State Correspondent

Still, for scale and certain functions such as financial and data analysis, ChatGPT 3.5 The Banning of ChatGPT Last week also saw a handful of companies banning their staff from using ChatGPT, citing compliance concerns over using third-party software. This is often the reaction to any new technology.

Training 195