While AI Grows, Digital Banking Becomes Ubiquitous

Alex Jimenez

January 26, 2022

These are the data, customer experience (CX) and artificial intelligence (AI) stories we’re reading here at Finalytics.ai this week.

 

AI Everywhere

While we focus on the use of AI for businesses, we can’t deny that the use of AI in other areas of our lives grows every day. Recently, I watched The Beatles’ “Get Back” film directed by Peter Jackson. Considering that the film was shot in 1969, I was in awe of the vibrant colors and sounds coming out of my 4K TV. It turns out that both the sound and footage were enhanced through the use of machine learning.

Meredith Woerner, Deputy Editor at Variety, writes about this feat in audiovisual restoration. She quotes Peter Jackson,

in 1969 that film had a quite chunky, grainy desaturated look to it. One of the purposes was to try to restore it sort of making it look as natural as possible.

Once the machine learning tools were applied,

suddenly the colors were just unbelievable. People say, ‘So how did you do all those colors?’ And I’m saying, we didn’t do the colors, they were there.

 

AI at High School Reading Comprehension

In past summaries, we have covered discussion of OpenAI’s GPT-3, the most advanced commercially available natural language processing (NLP) engine. Now comes word that Alphabet’s DeepMind has a NLP engine that has 280 billion parameters, to GPT-3’s 175 billion parameters.

According to an article in Fortune by Jeremy Kahn, DeepMind’s new engine named Gopher  performs well

in a few areas, such as a high school reading comprehension test, (approaching) human-level performance. But in others, including common sense reasoning and mathematical reasoning, the system fell well short of human abilities.

Kahn goes on to summarize the landscape of the NLP space.

 

State of AI in 2021

In December, McKinsey released the results of their global survey on AI. There is a lot of insights from it, and we urge you all to review it. The big highlights are:

A majority of survey respondents now say their organizations have adopted AI capabilities, as AI’s impact on both the bottom line and cost saved is growing.

  • The top 5 most popular use cases of AI are:
    1. Service operations optimization
    2. New AI-based enhancements of products
    3. Contact-center automation
    4. Product-feature optimization
    5. Predictive service intervention

The companies seeing the biggest bottom-line impact from AI adoption are more likely to follow both core and advanced AI best practices, including MLOps; move their AI work to the cloud; and spend on AI more efficiently and effectively than their peers.

Risk management remains a shortcoming for most companies’ AI efforts, but a set of emerging best practices can help.

 

Consumers Continue to Adopt Digital Banking

Moving from AI for a bit, Chase released the results of their first digital banking attitudes study.

In summary, Rohan Amin, Chief Product Officer at Chase notes,

This year, digital banking played an even bigger role in how consumers manage and track their finances on a daily basis. This new research highlights how consumer preferences are driving both the creation and adoption of new features that help consumers get more value out of their bank account or credit card.

Some highlights:

  • 73% of consumers use mobile banking app once a week or more
  • 93% of consumers have used one or more digital payments in the past year
  • 76% use credit services to check their credit scores

 

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