Bank FOMO fueling AI spending, Accenture exec says

Banks are currently pouring money into Artificial Intelligence due to a 'fear of missing out,' but many have yet to see a real return on investment. According to Accenture, the disconnect lies in how these institutions operate. Banks are adding AI tools on top of old processes instead of redesigning work around the technology. For retailers and merchants, this means the financing tools you use today might feel slightly more high-tech, but the underlying speed of approvals or cost-savings hasn't fully materialized yet. Eventually, this AI spending will likely lead to better risk assessment and more personalized financing offers for your customers. However, the current phase is defined by experimentation. Lenders are focusing on internal efficiency and customer service chatbots before they overhaul the core credit decisioning engines that power your checkout. As an operator, expect a wave of new 'AI-powered' features from your lending partners, but remain skeptical of their actual impact on your conversion rates until the lenders prove they have successfully integrated these tools into their workflow.

Source: Banking Dive

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