Banks pour billions into AI, but most see no ROI. Here’s why
Some banks are applying AI within their private banking units and making revenue gains
THE private banking divisions of banks have long struggled to serve customers other than ultra-high-net-worth individuals. Tasks such as portfolio research, client profiling, and compliance are simply too time-consuming to offer to any but the richest clients.
This constraint has remained despite the rapid expansion of mass affluent households across high-growth markets. In turn, it has created a big opportunity for premium banking services, yet the industry has been unable to tap it.
Artificial intelligence co-pilots have emerged as a solution to this supply and demand mismatch. However, the gap between promise and revenue is wider than most banks want to admit. Here’s why.
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