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Cognitive Banks: the future of banking?

It’s no secret that banks have a lot of data and in the post PSD2 landscape there is even more opportunity for banks to collect data on their clients. However, this data is seldom used to its fullest potential. Cognitive computing systems offer a potential solution to this as they are defined by their ability to reason, learn and understand. If banks could harness this capability, they would be able to truly make the most of the vast amount of data that they have, allowing them to know their customers even better, increase customer-centricity and deliver even better customer service.

However, whilst these technologies exist, banks are still hesitant about investing as they are still very new. There is much scope for these technologies to save banks money in the long run but since this is contingent upon them being implemented as effectively as possible, there is still a lot of room for mistakes. There aren’t many case studies available of banks that have used these technologies to great effect and as the initial investment is costly banks are – perhaps rightly – wary.

At the EBF: Digital Transformation in Retail Banking 2018 event you will have the opportunity to hear from the Head of Product Management, Applied Science & Intelligent Products from Lloyds. He will be talking about the potential for banks to implement this cutting edge cognitive computing technology and how it will push us into the future of banking.

Countdown to EBF Digital Transformation in Retail Banking 2018