Fintech Analyst Report - Issue 219

Sarah Mason

16 October 2020

Issue 221 of the Metia Fintech Analyst Report looks at the growing importance of artificial intelligence in helping to reimagine the customer experience. McKinsey argues that banks must become ‘AI-first’ while Mercator highlights the importance of tackling any bias in AI models. Javelin and Aite Group look at the growing impact of fraud during the pandemic, while Celent looks at recommendations for banking in a post-COVID world and IDC examines the impact on bank branches. Lastly, Mercator takes a look at financial inclusion and reaching the underbanked in America.

McKinsey: Using AI to reimagine customer engagement
To remain competitive in a landscape increasingly dominated by advanced technologies, banking incumbents must embrace an “AI-first” approach.

Mercator: Tracking mistakes in AI
How can financial institutions tackle biases in AI models? According to Mercator experts, the simple remedy is “training” and the use of vigilance to avoid errors.

Javelin: Fighting fraud in the digital age
With consumers becoming increasingly dependent on digital technology, criminals are exploiting technology, and managing new account fraud becomes more important than ever.

Aite Group: Combatting sophisticated account takeover attacks
The pandemic has caused a sharp rise in the use of mobile and online channels for transactions, increasing the attack surface for criminals. Banks must adapt quickly to the escalating threat.

Celent: Banking in a post-Covid world
The pandemic has accelerated many trends that were already underway and has highlighted the technologies and approaches that were under-utilised pre-Covid. Businesses have to remodel.

IDC: Bank branches face extinction
The pandemic has changed the way US customers interact with bank branches. To tackle the risk of becoming obsolete, branches must significantly modify and place digital at the forefront.

Mercator: Inclusion for the underbanked
One in four Americans do not own a bank account or rely on external services for their financial needs. Financial inclusion is not only better for consumers but also for the growth of the economy.

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