HYPER-PERSONALISATION: HOW AI RESHAPES BANKING

From tailored products to anticipatory services, AI is transforming customer-bank ties

- BY RADU TOPLICEANU | Special to Gulf News

We are entering a transformative era in banking, driven by artificial intelligence (AI), which is profoundly impacting financial entities' ability to hyper-personalise their customer offering.

Banks are harnessing AI to deliver meticulously tailored experiences that meet the unique needs and preferences of their customers, with the opportunity presented by AI in this sector immense; forecasts suggest the possible creation of up to $1 trillion in yearly value.

The impact of generative AI, in particular, is expected to revolutionise banking, with projected spending anticipated to increase an incredible 1,430 per cent from $5.6 billion in 2024 to a staggering $85.7 billion by 2030. This highlights the essential function of AI-driven hyper-personalisation in the swiftly evolving financial environment, and the crucial need to fully embrace the technology in order to stay ahead of the curve.