The AI-Driven Banking Surge: Info-Tech Releases New Research on the Future of Small and Midsize Institutions

Info-Tech Research Group's latest findings highlight how AI's transformative role in the banking industry will position banks for greater efficiency and service excellence through enhanced customer interactions and internal processes.

TORONTO, Nov. 16, 2023 /PRNewswire/ - In response to the rapid embrace of artificial intelligence (AI) and machine learning (ML) in the banking sector, especially with the impact on customer experience and internal operations, financial institutions find themselves on the brink of a transformative era. To assist banking and business leaders in navigating the service landscape, global IT research and advisory firm Info-Tech Research Group has published its latest industry research blueprint, AI/ML for Small and Midsize Banks. As the urgency to integrate AI/ML becomes paramount,  institutions are eager to progress but often grapple with questions about their current AI/ML strategies and future trajectories. From enhancing customer interactions to streamlining internal processes, the firm's new research aims to guide banks in understanding the multifaceted benefits of AI to remain at the forefront of this technological revolution.

"The use of artificial intelligence and machine learning (AI/ML) in retail banking is rapidly accelerating. Early-adopter banks are establishing themselves as industry leaders and are redefining the experience and expectations for all banking customers," says David Tomljenovic, head of financial services industry research at Info-Tech Research Group. "Customers are responding positively to the ease of use, accessibility, and personalization delivered by an AI/ML-powered experience. It is vital that banks modernize their customer experience (CX) using these new techniques or risk losing their customers to banks that do."

Info-Tech's research emphasizes the significance of a tailored AI and ML strategy for the banking sector, championing a diagnostic approach to identify a bank's unique requirements and proficiencies rather than merely aiming for peak maturity benchmarks. As AI and ML technologies progressively intertwine with the core of banking operations and customer experiences, the firm advises that striking a balance between innovative advancements and potential challenges is crucial. This balance ensures that banks not only stay competitive but also maintain the trust and satisfaction of their clientele.

According to the firm's research, when customer-facing and internal AI benefits are strategically combined, they can build on each other, leading to exponential benefits. This integrated approach ensures that banks not only enhance their customer interactions but also optimize their internal processes, leading to overall growth and efficiency. Some of the benefits of implementing an AI and ML strategy for small and midsized banks, outlined in Info-Tech research, include the following:

Info-Tech's research highlights the transformative potential of AI and ML in the banking sector, both in enhancing customer interactions and in fortifying internal operations. However, the firm cautions that the key to success isn't merely rapid adoption but understanding and integrating these technologies in ways that genuinely resonate with a bank's mission and clientele. As AI and ML technologies become more integrated with core banking operations, institutions must balance innovation and practicality. By doing so, banks can ensure they deliver a seamless, modern experience for their customers while optimizing their internal processes for the challenges of tomorrow.

For exclusive and timely commentary from financial expert David Tomljenovic or to access the complete AI/ML for Small and Midsize Banks research, please contact Senior PR Manager Sufyan Al-Hassan at salhassan@infotech.com. 

Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the firm's Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to view the latest research, visit infotech.com and connect via LinkedIn and X.

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SOURCE Info-Tech Research Group