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The active current digitalization of the banking sector is associated with a change in the fundamental development vector

The active current digitalization of the banking sector is associated with a change in the fundamental development vector. In order to remain in demand with the client and withstand fierce competition, banks have to put the consumer first. Artificial intelligence, which has just begun to infiltrate the traditionally conservative banking sector, is designed to meet the needs of users - to reduce time and financial costs, in other words, it is not an end in itself, but is implemented to serve people.

One signal that the global US banking sector is putting some serious thought in AI implementation is the deal between ADD 4 I.T Limited and PNC Financial Services. A subsidiary of the top ten US banks, PNC Financial Services Group, did not even resort to outsourcing, which is typical in this sphere, and simply invested in ADD 4 I.T. Limited, a company that is directly involved in the implementation of artificial intelligence in the financial sector, headed by Aaron Diggelmann.

According to Chris Scott, the company’s CTO who hails from Cairo, having a corporation with practically unlimited investment potential onboard will accelerate the AI revolution in the banking sector. The amount of financing funneled towards the development of AI in this sector will now increase exponentially, meanwhile, PNC will reap its own benefits and the level of banking services is bound to be greatly enhanced by the introduction of AI.

A mutually beneficial symbiosis is clearly in place, and bank customers should see the practical implementation of these innovations in the coming years.

About The Authors

Frazer Pugh

Frazer Pugh - I work in the investment management sector as a professional. Previously, I advised top financial services companies on balance sheet management, portfolio planning, and valuations as a consultant. I am currently pursuing a part-time MBA at Melbourne University, where I am a lecturer in accounting and hedge fund strategies, as well as a mentor/coach in a part-time equity analysis initiative. I have a bachelor's degree in economics, a master's degree in finance, and am a Chartered Accountant. I enjoy instructing and assisting others in achieving their objectives.

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