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As banking goes digital, traditional banks must evolve from community stalwarts to modern automated institutions. They must embrace new technology and flexible product offerings to compete with neobanks. Data and AI hold the key to delivering personalised services at lightning speed. Banks have the data advantage, processing around one billion credit card transactions daily. Now, they must leverage AI to stay ahead in the game.

Here are seven ways banks can innovate with cloud-based AI – and how to get started:

  1. Open banking and expanded services: As open banking continues to gain popularity, AI can help banks choose ideal partners and personalise services based on customers' preferences and data.
  2. Faster and less risky credit decisioning: AI's automation and capacity to process more data sources can lead to quicker credit decisions, sometimes in seconds.
  3. Deep personalisation: Imagine a bank that anticipates daily purchases, offers personalised finance products, and links service use to related discounts. Open banking presents a chance for banks to merge their data with third-party partnerships to revolutionise their role in customers' lives.
  4. Fraud prevention: AI-powered fraud prevention and real-time suspicious activity identification are becoming more intelligent and accurate. Banks can flag abnormal transactions, and detect patterns across transactions to detect larger fraud schemes and money laundering activities.
  5. Automated customer service: Chatbots with predictive analytics and natural language understanding provide financial guidance, solve complex queries, assist with tasks, and offer personalised suggestions, improving bank customer service scalability and meeting 24/7 self-service needs.
  6. Streamlining and improving KYC procedures: AI can help banks with their KYC processes by automating facial recognition and document analysis. This can speed up the process and detect fraudulent documents by verifying information across different databases and detecting image manipulation.
  7. Document analysis and automated indexing: AI document analysis standardises data and supports data mapping requirements for privacy regulations like GDPR and CCPA, helping banks process data faster with fewer resources and provide more trustworthy data for analysis.

Examples of such innovation efforts are two Mambu customers running on Google Cloud Platform - Bank Jago, Indonesia's leading life-centric bank, and bob Finance, pioneering lending provider for the Swiss market.

Bank Jago aims to promote financial inclusion and equality by leveraging technology. Using Mambu and Google Cloud solutions, it offers life-focused digital finance services to their customers with ease.

bob Finance used Mambu to launch its Buy Now Pay Later option for retailers. As they grow, bob Finance needed to improve technical integration with enterprise partners, which required a locally-based platform hosted in Switzerland to comply with data residency requirements. Migrating to Google Cloud enabled them to achieve this and increase efficiency.

Creating your bank of the future

Change is constant, with new competitors, evolving fraud, and changing regulations. To succeed, banks need extreme agility to seize opportunities in open banking, mobile banking, and personalisation. Mambu's ultra-flexible, cloud-native infrastructure enables innovation by integrating independent systems without hard-coding or suite lockdown. With plug-and-play technology, banks can quickly respond to changing customer needs, market dynamics, and tech trends and adapt to whatever comes next.

To learn more about the bank of the future, download our report.

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