Artificial intelligence (AI) is set to transform retail banking, impacting the customer journey from acquisition on through to retention.

Driven by competition and rapid disruption, banks increasingly spend on technology enabled models targeted to improve customer experience and service capability. What are the recent developments and top priorities of banks in 2018?

Chatbots are another example of relatively low-cost advancements in artificial intelligence adoption within the banking industry. These computer programmes are designed to conduct live chats to resolve common queries and carry out specific tasks; and they are proving to be popular among customers.

Banks are looking at "smarter" chatbots to deliver better customer experience, while also bringing down expenses and improving efficiency.

Banks have implemented chatbots for operational efficiency and improved customer access, but new AI capabilities expose key gaps in contextual and cognitive capabilities of current bots

Consumers in Thailand voted Kasikornbank as the Most Recommended and Most Selected Main Retail Bank in the 2023 BankQuality Survey; Siam Commercial Bank placed second while Line BK emerged as highly-rated digital-only bank

The current disintermediation in payments and MSME lending marks the tip of the iceberg, and retail deposits may be the next battleground

Banks have been investing in AI over the last few years, focusing on specific use cases. They must now scale AI across their business processes and incorporate emerging advancements in GenAI.

Banks in Asia Pacific invested an estimated $63 billion towards technology in 2022. The annual spending on technology is expected to increase by 7.5% in 2023 to $68 billion.