How European Banks Are Using AI

In the long term, harnessing AI and technology will determine the split between winners and losers, said Jeroen van Oerle, Portfolio Manager Robeco Fintech Equities, Robeco. In order to keep relevant for the future, you need efficient back-office operations. On top of that, you need to be able to tailor make products. If you cannot provide those kinds of services in the future, a competitor will and you will lose.

Similar to the largest US institutions, European banks have a strong interest in exploring the impact of AI on business functions. The US market, however, seems to be far more active in areas beyond virtual assistants and chatbots, while European banks are heavily focused on customer-facing interfaces. In fact, a study of 34 major banks across several geographies (US, EU, Singapore, Africa, Australia, India) found that 27 out of these 34 banks have implemented AI in their front-off ...

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