Artificial Intelligence in Banking

Faisal Mahmood

Mobilink Microfinance Bank Limited, Pakistan

Biography :

Faisal is a Banking Technology professional with over 20 years of experience by working in Commercial and Microfinance Banks in Pakistan. Having in-depth, hands-on exposure of Digital and Mobile Financial Services, Core Banking System, Alternate Delivery Channels, IT Governance, Innovations and Products Development, Digital Payment Systems, E-commerce/M-commerce, Commer­cial & MF Products, Data Centers, Information Security.

Abstract :

Digital disruption is redefining industries and changing the way businesses function. Every industry is assess­ing options and adopting ways to create value in the technology-driven world. The banking sector is witnessing groundbreaking changes: foremost being the rise in customer-centricity. Tech-savvy customers, exposed to advanced technologies in their day-to-day lives, expect banks to deliver seamless experiences. To meet these expectations, banks have expanded their industry landscape to retail, IT and telecom to enable services like mobile banking, e-banking and real-time money transfers. While these advancements have enabled customers to avail most of the banking services at their fingertips anytime, anywhere, it has also come with a cost for the banking sector. Coming together of banking and sectors like IT, telecom and retail has increased the transfer of critical information over virtual networks that are vulnerable to cyber-attacks and fraudulence. These incidents not only affect the profitability of banks, but also hamper banks’ trust and relationship with customers.