# Squirro research reveals banks believe artificial intelligence can have a significant and positive impact on their business Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-04-19 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Unlocking the Power of AI & ML in Financial Services Meta Description: Discover how AI and machine learning can revolutionize banking with insights on lead sourcing, next best actions, and staying ahead of the competition. URL: https://financedigest.com/squirro-research-reveals-banks-believe-artificial-intelligence-can-have-a-significant-and-positive-impact-on-their-businesshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd190418-1-1-1736842828324-compressed.jpg) _But_ _83% are unaware of how to deploy artificial intelligence & machine learning to address specific business problems, so much benefit is still to be realised_ The use of artificial intelligence (AI) and machine learning (ML) in financial services (FS) is on the rise, with 83% of banks having evaluated AI & ML solutions, and 67% having actively deployed them, according to a [new study](https://squirro.com/library/enhanced-bankers-impact-of-ai/) out today. The research with 200 global tier one and tier two banks was conducted by capital market research firm [TABB Group](https://www.tabbgroup.com/) on behalf of augmented intelligence solutions provider [Squirro](http://www.squirro.com), and revealed that AI is the most important ‘disrupter’ for banks today. The study – ‘Enhanced Bankers – The Impact of AI’ – also highlighted a lack of understanding around AI & ML as specifically applied to improving business processes, with 83% of respondents still unaware of how to apply the technology to solve business problems. Using AI and machine learning to source new leads and opportunities is key to bankers, with 87% of respondents saying that it would be highly impactful if an AI engine could spot relevant events that led to engaging with a client and closing a deal. Bankers recognize that AI driven insights will have a tremendous impact when it comes to [anticipate market](https://www.financedigest.com/grab-and-go-containers-market-anticipated-to-have-positive-potential-during-the-forecast-period-fmi.html "Grab and Go Containers Market anticipated to have positive potential during the forecast period.: FMI") events to stay ahead of the competition. “The potential of augmented intelligence to support relationship managers with [data driven](https://www.financedigest.com/the-data-driven-future-of-the-insurance-industry.html "The data-driven future of the insurance industry") lead sourcing and next best action recommendations is starting to gain real momentum,” said Miguel Rodriguez, VP Customer Success at Squirro. “Investment [banking](https://www.financedigest.com/pragma-investments.html "Pragma Investments on Wealth Management versus Private Banking") as an example is highly competitive and anything that provides an advantage will be seized upon, although investment banks could use AI even more effectively by deploying it to enhance specific business processes.” 84% of respondents said that a real-time 360° Client View, combining internal and external [data was either important](https://www.financedigest.com/the-importance-of-data-analytics-for-success.html "The Importance of Data Analytics For Success ") (17%) or very important (67%), to obtain insights. “The right AI platform will [manage a variety of data sources](https://www.financedigest.com/activist-investor-elliott-management-takes-stake-in-salesforce-sources.html "Activist investor Elliott Management takes stake in Salesforce -sources"), both internal and external, be able to analyse the data and provide the relevant information in context of core banking or CRM systems” continued Miguel Rodriguez. “There is particularly great [value to be gained](https://www.financedigest.com/smart-mining-market-projected-to-gain-significant-value-by-2016-2025.html "Smart Mining Market Projected to Gain Significant Value by 2016-2025") from unstructured data, an area that traditional CRM and core banking systems have been unable to cover. Our augmented [intelligence solution can bridge this gap and open up unstructured data to banks](https://www.financedigest.com/artificial-intelligence-in-banking-magazine.html "Artificial Intelligence in Banking Magazine") by connecting data silos. This will be a vast leap forward in terms of the insights generated.” The [research also revealed](https://www.financedigest.com/the-pandemics-impact-on-working-mothers-new-research-reveals-that-two-thirds-have-stopped-working-or-now-work-less.html "The Pandemic’s Impact on Working Mothers: New Research Reveals That Two-Thirds Have Stopped Working or Now Work Less") a large majority of bankers wanted AI insights delivered to them using existing methods, making AI as integrated into current workflows as possible. 100% of respondents said they would want AI-driven recommendations via email, while 83% wanted them within their CRM system. Just 17% of respondents wanted AI-driven recommendations via mobile, highlighting how much of [corporate FS remains a desk-based industry](https://www.financedigest.com/automotive-exterior-trim-parts-market-size-industry-report-analysis-growth-future-trends-top-manufacturers-and-technology-toyota-boshoku-corporation-plastic-omnium-cie-automotive.html "Automotive Exterior Trim Parts Market Size, Industry Report Analysis, Growth, Future Trends, Top Manufacturers And Technology| TOYOTA BOSHOKU CORPORATION, Plastic Omnium, CIE Automotive"). “The [report has shown that banks](https://www.financedigest.com/metro-bank-former-top-bosses-fined-over-reporting-error.html "Metro Bank, former top bosses fined over reporting error") are increasingly receptive to using AI and machine learning in their organisation, but it also highlighted what needs to be done to ensure maximum value is gained,” concluded Miguel Rodriguez. “Insights and Recommendations need to be fully integrated with CRM and core banking [systems](https://www.financedigest.com/test-automation-systems-for-powertrain-dynamometer-market-to-reach-worth-of-us-1-20-bn-by-2031-tmr-insights.html "Test Automation Systems for Powertrain Dynamometer Market to reach worth of US$ 1.20 Bn by 2031, TMR Insights"), to deliver real value to bankers. Used in this way, it can [deliver customer and market insights](https://www.financedigest.com/research-delivers-insight-into-the-global-polymer-surfactants-market-during-the-period-2021-2029.html "Research Delivers Insight Into The Global Polymer Surfactants Market During The Period 2021-2029") to source new deals, recommend the next best action and improve all manner of other business processes in banking.” The full report, Enhanced Bankers – The Impact of AI, is available to download [here](https://squirro.com/library/enhanced-bankers-impact-of-ai/). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---