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Machine Learning in Commercial Banking

Written by CFTE’s Experts

The Future of AI Powered Banking

Various commercial banks are quickly understanding the uses of AI in discovering development opportunities, improving efficiency in transactions, increasing ease of access for customers, and improving compliance for regulatory functions. First movers will gain the upper hand, while those who fall behind may be unable to catch up. Commercial banks using AI will discover the best new customers and develop existing customer connections. They will also improve the customer experience by understanding what customers need and assisting customers with their day-to-day business by using AI-based knowledge.

Using AI for Prospecting, Referrals and Leads

What is the best way to know which leads and references are the most important? Is there a superior and more productive approach to recognise and select the correct ones? Indeed, there is. With mechanised AI technologies, it becomes easier to utilize the information about current customers to recognise opportunities that may turn into the exceptionally beneficial connections of tomorrow. Utilizing recorded information and AI, it becomes possible to recognise the customers who stand to profit by using your products and services and to target them for the same. Examples of this are GrowLabs (Lead Intelligence software) and KickFire (Lead Mining software).

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Machine Learning for Deepening Relationships

Understanding what your customers need and when they need it is vital for the success of any commercial bank. This knowledge can be accomplished and utilized with AI and Machine Learning. To begin with, using recorded customer information on services and products reveals what customers required in the past, helping the bank foresee the probable customer needs of today. Second, the commercial bank in question can recognize potential triggers which demonstrate the emergence of a new need. Knowing your customers and understanding and foreseeing their requirements will develop connections, expanding both the profitability of the relationship, as well as customer faithfulness. Example: Kasisto (Conversational AI)

AI and Machine Learning for Money Management

It is often a never-ending struggle for an organization’s financiers or treasurers to accurately predict liquidity deficits or surplus. Banks can use Machine Learning and AI to anticipate customer incomes using their transaction history (sources and usage of money). Banks would then be able to help commercial customers estimate account adjustments and caution them of possible setbacks. Relationship Managers can proactively offer credit items to meet transient liquidity needs or products to manage cash flow, to streamline returns on surplus income. Example: ZestFinance (Money management and Credit Underwriting)

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Other Uses of Machine Learning in Banking:

JPMorgan Chase:

– Internal Document Search Using COntract iNtelligence (COiN)

– Predictive Analytics Using the Emerging Opportunities Engine

Wells Fargo:

– Predictive Analytics for Predictive Banking


– Fraud and Anti-Money Laundering Software

Further Thoughts

The ever-changing needs of corporate clients, the expanding rivalry for the most beneficial sections of the banking sector as a whole, and the improving cost-benefit ratio of the IT environment show that this is an ideal time for commercial banks to use Artificial Intelligence and Machine Learning to convey a far superior banking experience to their clients. Where we go from here as a global economy is heavily reliant on the path that banks take as well, so it is in everyone’s best interest to make use of machine learning in a future that may very well be AI-driven.

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Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

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