Traditional financial institutions, like banks, are getting squeezed from two sides: increased regulatory pressure causing high compliance costs on the one side, and the need to be much more innovation driven than it used to be, with less profits from traditional services and an increasing need to build alternative revenue streams from digital business models.
According to a recent Study conducted by KuppingerCole, the global average cost per customer and year has reached close to 200 $, with much of it created by regulatory KYC requirements. With falling margins and increasing competition from fintechs (i.e. PSD2 licensed Account Information Service Providers and Payment Initiation Servie Providers), banks need to increase cost awareness and find new ways to effectively comply with AML regulation and prevent their online services from fraud.
Is data the new gold for banks? At least, hardly any other entity has comparably valuable and sensitive information from their customers. In this session, we will explore new, AI based approaches to analyze and classify data, making it available for new bsuiness models.
