Brazilian banks pioneer in artificial intelligence planning

The plenty of Brazilian banks that see artificial intelligence (AI) as an imperative need is higher than many mature markets, as demonstrated by investigating.

According to GFT Technologies’ Digital Banking Expert Survey, about 30% of local institutions judge AI playing a vital role in their innovation plans.

By analysis, 23 percent of area firms in the UK and Mexico judge AI to be pivotal in their technique, while just 17 percent of US banks see the innovation as a vital part of their overall plans, the investigation from the financial services vendor says.

The survey comprises 285 professionals from small to large retail banks situated in Brazil, Germany, Italy, Mexico, Spain, Switzerland, the UK, and the US.

The unique applications of the artificial intelligence such as automating customer service and achieving greater customer engagement may grab the attention of the Brazilian firms. In spite of it, till now the country is struggling with issues including, infrastructure, lack of qualified manpower, and effective partnerships with AI vendors.

Bradesco, a banking giant, can be considered the highest-profile supporter in Brazil and has been guiding IBM’s Watson for over a year. In the starting of this year, it has been announced by the bank to make its Watson based artificial intelligence system available to the end customers.

The platform, named Bradesco Inteligência Artificial, or BIA, had quite recently utilized inside to answer client requests. With the extra customer standing up to value, the bank plans to allow clients to do endeavors, for transfers, payments, and mobile phone top-ups by interacting with a Watson-powered chatbot.