New York City, New York Dec 13, 2024 (Issuewire.com) - As the financial industry moves beyond the “ifs” and “buts” of what is next, it is crucial to acknowledge the reality of AI-powered banking. To highlight the role of artificial intelligence and how it is reshaping the banking industry, NexGen Banking brings the ultimate AI-Powered Banking Event in US- The NexGen Banking Summit. It is a banking event on AI USA, designed to highlight the digital transformation in the banking industry caused by the introduction of AI and how to wield the same in your favor.
Digital Transformation Banking US
Just when the banking industry thought it had witnessed the best digital transformation for the decade, AI marched into the middle of the economy. AI has revolutionized how everything is done, and the same is true for the banking and financial sectors. However, as many may have guessed in its initial stage, AI is not just a trend that might fade away in the limelight of something new; AI is a new reality.
In the words of NexGen Banking, “This transformative technology is projected to drive personalized experiences, enhance security, and optimize the customer journey, leading to a potential market size of $85 billion by 2030.” One major reason for this is the upward trend in the ecommerce market and online or electronic payment trends.
Customers today want a custom-cut experience that focuses on their needs and responds to their wants. Another focal point is privacy and security, especially with the entrance of tech-savvy technology into the customer base. While the trends have forced the whole industry on a slippery path of continuous innovation, the solution is simple: cost-cutting and value addition through innovative technologies.
AI, Machine Learning, And Their Sub-sets
Artificial intelligence needs no introduction. However, how it works may catch the attention of many. The core of artificial intelligence is simple: machine learning and then depicting human behavior. But, the technology behind it may be more complex than the concept. AI, especially an efficient one, is powered by several other technologies; machine learning and deep learning are the most crucial.
Machine learning enables the system to learn from data by decoding patterns. Deep learning takes it a step further by learning through decoding and learning human-inspired data. An impressive conglomerate of these state-of-the-art technologies is generative AI, which aims to greet completely humanized content with the help of data fed by humans.
Why Is Technology Relevant To The Banking Industry?
Now, the question arises: Why are these technologies even relevant? Banks use machine learning to detect fraudulent transactions, predict creditworthiness, and personalized financial services. Deep learning enables advanced chatbots and virtual assistants to provide human-like customer interactions. Generative AI has paved the way for innovative tools like automated financial report generation and personalized product recommendations.
These technologies streamline operations, reduce human error, and enhance decision-making, making AI indispensable in modern banking. This transformative impact ensures improved security, customer satisfaction, and operational excellence. Given this, it would be foolish to say that these technologies are a concern for tomorrow, as they are already deeply integrated into the banking system, making it a race against time to embrace them fully.
What Should The Industry Look Out For?
One direct impact of the digital revolution is the uprise of FinTechs in the market. In their initial years, they did look like a threat. However, they have more or less turned out to be an ally, especially for banks who decided to fight with them instead of against them. This is important because the industry is in a dynamic ecosystem where it is crucial to digitalize internally and externally.
In recent years, collaboration between banks and financial institutions has become common, and banks' direct expansion in the sector has also been a trend. The reason for this is simple: FinTechs bring together the best of both worlds: finance and technology. Banks should study successful collaborations and decode the reason for their metamorphosis right now.
And that is exactly what NexGen’s AI-Powered Banking Event US promises. In NexGen’s own words, “With a staggering 78% of financial institutions implementing or planning Generative AI (GenAI) integration, the NexGen Banking Summit seeks thought leaders to share their expertise on how this technology is reshaping the industry.”
For registration and further information, visit NexGen Banking Summit USA.
Please contact:
Name: NexGen Banking Summit USA
Website: https://nexgenbanking.com/USEdition
Email: melanie@techtrekevents.com
Stay ahead of the curve and join us at the NexGen Banking Summit USA to unlock the potential of transformative technologies in the finance sector.
Media Contact
NexGen Banking Summit USA melanie@techtrekevents.com https://nexgenbanking.com/USEdition
