Digital transformation has been changing the landscape of banking and the future of banking will be very much different from what it is today. Banks are required to put in place process automation that will gain the confidence of its customers. The financial sector is becoming the least trusted sector. Financial services must embrace trust in its core business model in order to overcome this negative perception. Future of banking will include autonomous systems that must ensure trust at its core processing. The core of this technology ensures provenance, data integrity, auditability and trust.

AI is already transforming the landscape of banking and will be one of the greatest driving forces of banking’s transformation in the years ahead. The widespread incorporation of AI will give rise to a new era of banking, sometimes referred to as Intelligence Banking, which will be characterised by radical changes to banking products and services, processes, and their respective ecosystems. AI is a broad term that describes machines and systems that can learn from experience and act without human intervention. This capability, in conjunction with an increased availability of and access to vast amounts of data, is reshaping virtually every industry, banking included. Important benefits have already been achieved by investing in AI, with a wide range of applications emerging that span from front to back office. AI has the potential to enhance not only efficiency, but also vital parts of the value proposition such as trust, confidence, personalization, and resilience. Overall, it has the potential to improve productivity growth and offer new opportunities for innovation in the banking sector.