Banking Innovation Digital Summit North America 14-16 Nov 2023 - GDS Group (2024)

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AI is reshaping the banking sector, touching upon its role in enhancing customer experiences, streamlining operations, and enabling data-driven decision-making.

Discussion topics to consider:

• AI-Powered Customer Service
• Risk Management and Fraud Detection
• Data Analytics and Predictive Insights
• Operational Efficiency and Cost Reduction
• Challenges and Ethical Considerations

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In this session we will explore how banks can leverage the Fintech approach to customer experience.

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In the realm of banking, data risk is magnified with the potential for erosion of value and reputation throughout the data lifecycle, spanning from data acquisition to utilization and retention. It is imperative that banks establish resilient policies, cutting-edge technologies, and stringent controls to not only secure customer data but also to withstand the ever-present cyber threats and adapt to continuously evolving regulatory landscapes. Amid heightened regulatory scrutiny, the significance of effectively overseeing data risk, encompassing visibility, aggregation, and reporting for both internal and customer data, cannot be overstated. This diligence is essential for building and maintaining trust with all stakeholders. To fortify their data risk management practices and ensure resilience, banking leaders must adopt a comprehensive strategy that encompasses technology, training, and strategic planning, thus equipping themselves to confront the challenges of the future.

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According to Global Market growth, in 2022, the fintech market was valued at $112.5 billion, which is projected to nearly triple by 2028 to $332.5 billion. In order to stay afloat during the recent economic downturn, banks have cut costs while trying to increase their global footprints. Also, as consumers become more dependent on digital banking, neobanks (online-only banks), and fintech apps, they expect exceptional customer support and will turn to social media to express their frustrations when they don’t get it.

So how can companies leverage new technologies to thrive in a down economy and expand into new global markets and languages?

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The drivers of AI disruption in banking are multifaceted and have significantly transformed the industry in recent years. This disruption is characterized by the integration of artificial intelligence (AI) technologies into various aspects of banking operations, from customer service to risk management. We are already seeing several areas in banking services that have been taking advantage of this disruptive technology. The following are some use cases where AI has been most impactful within the BFSI industry. EG: Chatbots, Fraud Detection & Prevention, Customer Relationship, Management, Predictive Analytic, Credit Risk Management. The integration of AI in banking operations has led to several positive outcomes, but it doesn't comes without it's share of challenges and concerns.

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Banks worldwide have invested significant time, money, and resources into developing the first
wave of chatbots we see widely deployed in the market today. These experiences are a good
starting point, but they fail to produce the phenomenal experiences and cost savings promised.

To meet rising customer and employee expectations, banks must elevate and replace their
basic bots with intelligent virtual assistants (IVA) powered by conversational AI to expand and
automate use cases to drive exceptional experiences. These IVAs must understand natural
human language and be able to service complex customer or employee requests with ease,
providing the exemplary self-service experiences promised by this transformational technology.
This is why Kore.ai developed a conversational AI platform that provides end-to-end lifecycle
management of IVAs. With the Kore.ai Experience Optimization (XO) Platform, it is easy to build
everything from simple FAQs to complex conversations using a no-code approach. On top of
the platform, Kore.ai has also built an intelligent banking virtual assistant trained to understand
over 200 retail banking use cases out of the box to make it quick and easy to deploy this
transformational technology. The platform also captures significant data surfaced in easily
understandable analytics dashboards. This data can be used to iterate on the IVA to
continuously improve the user experience and overall containment and identify the highest-
value use cases to build, all with the click of a button.

This masterclass will discuss how you can smoothly implement AI-powered IVAs for your
customers and employees. We will discuss what successful IVA implementations look like and
answer your questions.

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Conventional Financial Service systems are past their ‘sell-by-date’. An evolving digital demand will see traditional institutions pivot towards opening the door to Third Party and Digital First Banking.. Tech-Savy legacy firms can mitigate the threat of FinTech’s business model disruptions, by opening their APIs and infrastructure to third party developers.

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Understanding your consumers is a key component of achieving success in business. By assessing their attitudes, behaviors, motivators, and detractors, how can you determine the best way to engage with them? Join us as we explore a variety of options to reward and appreciate your customers.

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Data risk may be defined as exposure to loss of value or reputation caused by issues or limitations to an organization's ability to acquire, store, transform, move, and use its data assets. As custodians of its customer data, banks need to have robust policies, processes, technologies and controls to ensure this data is safe and of the right quality to make the right business decisions. As new types of data risk arise, along with ever-changing regulatory requirements, banks must actively evolve to future-proof their data risk management.

Full Description

According to Global Market growth, in 2022, the fintech market was valued at $112.5 billion, which is projected to nearly triple by 2028 to $332.5 billion. In order to stay afloat during the recent economic downturn, banks have cut costs while trying to increase their global footprints. Also, as consumers become more dependent on digital banking, neobanks (online-only banks), and fintech apps, they expect exceptional customer support and will turn to social media to express their frustrations when they don’t get it.

So how can companies leverage new technologies to thrive in a down economy and expand into new global markets and languages?

Full Description

The drivers of AI disruption in banking are multifaceted and have significantly transformed the industry in recent years. This disruption is characterized by the integration of artificial intelligence (AI) technologies into various aspects of banking operations, from customer service to risk management. We are already seeing several areas in banking services that have been taking advantage of this disruptive technology. The following are some use cases where AI has been most impactful within the BFSI industry. EG: Chatbots, Fraud Detection & Prevention, Customer Relationship, Management, Predictive Analytic, Credit Risk Management. The integration of AI in banking operations has led to several positive outcomes, but it doesn't comes without it's share of challenges and concerns.

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COVID-19 has undeniably expedited our transition to a digital-first world. From mobile transactions to telehealth consultations, our daily routines are increasingly conducted through digital channels. This evolution, however, has also opened the door wider for cybercriminal activities, creating unprecedented challenges in data security and fraud prevention.

As professionals at the forefront of finance, technology, and innovation, it is incumbent upon us to fortify our defenses against these sophisticated cyber threats.

This session will explore the cutting-edge applications of voice and image biometrics in combatting fraud. This session promises to provide invaluable insights into the technologies poised to redefine security in the digital landscape.

It is an opportunity to discuss the strategies essential for protecting our digital ecosystem now and in the future.

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While the adoption of digital tools by banking customers has increased, over 75% of US consumers prefer hybrid in-branch and digital experiences. This has led to a number of banks and credit unions adopting new digital capabilities within branches themselves, including virtual consultations and tellers. According to a new WBR Insights report, 56% of consumers would use virtual consultations at least somewhat often if their local branches offered them. How might banks leverage AI to reskill and upskill bank associates to provide connected customer experiences and personalized advice while maintaining compliance with regulations?

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In this keynote, Bhargavi Sunkara, Senior Partner at EY Financial Services Technology and former Global Head of Corporate Technology at BNY Mellon, will explore the rise of Generative AI (GenAI) and its forthcoming impact on business. She will delve into GenAI's unique features and its anticipated far-reaching effects, including its potential to enhance customer experience and productivity, while also creating potential ethical concerns. Bhargavi will discuss how early adopters of the technology are likely to find success, and will emphasize the importance of implementing future guardrails to ensure the safe and secure use of this technology. Providing valuable insights into balancing automation with the human touch, Bhargavi will leave the audience with future-oriented key takeaways, making this session essential for those looking to leverage GenAI for future CX enhancements, productivity gains, and innovative possibilities.

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With industry competition on the rise and customer loyalty at an all-time low, the need to embrace digital journey transformation has never been more critical. Join us for an engaging session where we delve into strategies that drive revenue growth, enhance customer experiences, and optimize operational efficiency through the power of Digital Experience Intelligence. Don't miss this chance to revolutionize your customers' digital journeys and propel your business forward.

In this session, you will:

• Find solutions to common digital banking challenges like low lead conversion, high operational costs and user abandonment/retention
• Learn the importance of digital journey transformation and how it can increase revenue
• Discover the importance of collaboration across the company for a seamless digital experience