How AI/ML and new approaches to payments will drive banking innovation

At the Money 20/20 conference, Maria Allen (Banking Cluster Head at Wipro), Ashish Shreni (US Banking Practice Head, Domain & Consulting at Wipro) and Daniela Hawkins (Managing Principal at Capco) discussed the future of banking. Shreni weighed in on the most impactful use cases for artificial intelligence (AI) and machine learning (ML) in banking, emphasizing the role they will play in enhancing customer experience and reducing friction, enabling customers to effectively answer many of their own questions and solve their own problems. Predictive analytics, he added, will allow banks to provide more targeted and personalized financial recommendations to customers. Hawkins, meanwhile, addressed the evolution of payments into a truly frictionless model that will allow merchants of all kinds to handle payments with the seamlessness of a car-sharing app. In the long run, she pointed out, the banking industry is being presented with an opportunity to radically reshape customer behaviors by simplifying and improving the payments ecosystem.