AI Gap Study

The AI Gap study

November 2018 EDITION

The AI Gap study, a PYMNTS and Brighterion collaboration, analyzes the survey response data of more than 200 financial executives from commercial banks, community banks and credit unions across the United States to provide a comprehensive overview of how financial institutions leverage AI and ML technology to optimize their businesses. To this end, we gathered more than 12,000 data points on financial institutions with assets ranging from $1 billion to more than $100 billion. This report details the results of our extensive research.

Key Findings from the study include:

71 percent of FIs use data mining technology

59 percent of FIs that use deep learning say it benefits them by improving customer satisfaction

81 percent of FIs say they measure ROI on learning systems by how it can improve their margins

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Is AI The New Debt Collector?

 It’s said an ounce of prevention is worth a pound of cure, and the maxim can be applied to debt recovery efforts that average a dismal 20 percent. AI can help.  Brighterion CEO Akli Adjaoute tells Karen Webster that true AI and smart agents form a 360 degree view of the customer that helps firms target which debts to collect at the first signs of consumer troubles. 

In The Age Of Algorithms, Will Banks Ever Graduate To True AI?

It’s the age of algorithms, but not all algorithms are the same — and not all of them constitute true AI. A new PYMNTS report finds that FIs have adopted various forms of machine learning, but that AI’s deployment remains low. What will it take to get more AI involved in fraud prevention and other tasks? What are the long-term costs of settling for lower capability algorithmic technology? Get your algorithm on and have a read.

When AI Technology Gets Up Close And Personal

Brighterion CEO Akli Adjaoute says there’s only one measure of AI’s true potential: When the tech is adaptive enough to understand that John at 23 is the same John at 43, even though he has two kids, a wife and a house in the ‘burbs. That behavioral context, he tells Karen Webster, can help FIs stop fraud and personalize services — in much the same way that the corner shopkeeper could for his customers decades ago.

NEW REPORT: Buzz Vs Reality — Measuring The AI Gap In Payments And Banking

Let’s play buzzword bingo: “AI” is so abuzz right now, it’s positively ablaze. However, does its usage live up to the label that the financial services and payments industry has given it? Not really. In the new study, The AI Gap, PYMNTS interviews executives at 200 FIs and analyzes over 12,800 data points. The research discovers that only 5.5 percent of banks actually use what experts call “true AI” to reduce false-positives and fight AML, as well as optimize credit and other payments and banking products. Get all the details here.

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Brighterion CEO: Why It’s Time To Break The AML Fraud Prevention Tech Rules
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Sure, the continuing-to-unfold scandal at Danske Bank has been shocking. However, as Akli Adjaoute, founder and CEO of Brighterion, tells Karen Webster, it’s not really surprising. The reality, he says, is that banks worldwide are using costly AML prevention tools that just don’t cut it. Find out what he thinks it’s time for banks to break the AML fraud prevention tech rules.

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