The mobile devices in consumers’ pockets are getting smarter, and consumers are increasingly using those intelligent capabilities to manage their money. Now, banks are turning to use artificial intelligence (AI) to help consumers make smarter choices by providing actionable financial insights.
In the January edition of the Digital Banking Tracker™, powered by Feedzai, PYMNTS explores the latest developments surrounding new financial management solutions that are being powered by AI.
Around the Digital Banking world
The age of open banking has arrived. Recently, a growing number of banks are turning to open application program interfaces (APIs) to better serve customers and entice new ones to open accounts. These APIs are enabling financial institutions (FIs) to offer new financial products and services from a range of players and partners. That includes giants like Mastercard, which debuted a new API known as Assemble late last month.
Smaller, tech-based FIs are also jumping aboard the open banking train, including a pair of such banks in Europe. Swedish FI Nordea Bank, for one, debuted its API which is designed to help the bank collaborate and create new products. Meanwhile, U.K.-based Starling Bank updated its open banking marketplace, giving customers access to a wider variety of financial software products.
To read the rest of the latest headlines from around the digital banking industry, check out the Tracker’s News and Trends section.
Using AI to manage money more intelligently
Whether it’s through new financial products powered by APIs or simply saving and spending smarter, many consumers are eager for tools to help sharpen their money management skills. But it isn’t just consumers. Thanks to AI, FIs can now get a leg up on their competition by offering products that can not only help customers save, but also help them spend smarter, too.
That’s the approach Royal Bank of Canada is taking with its own initiatives. PYMNTS recently caught up with Rami Thabet, Royal's vice president of mobile, who explained how the bank reviews volumes of data to find actionable intelligence for its customers that helps them exercise greater control over their finances.
“AI is proving to be really foundational at this time by being able to run through vast amounts of data and provide value for clients who have typically struggled at managing finances,” Thabet said.
To read see the full story, along with rankings of more than 300 players in the Digital Banking space, check out the latest edition of the Tracker.
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About the Tracker
The Digital Banking Tracker™ brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with the rankings of more than 300 companies serving or powering the sector.