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

In retail banks around the world, robots are making their way into the back office and reducing costs by as much as 80% while increasing accuracy by up to 100%. Along with bringing lower costs and greater efficiency, they’re also creating the complexity of redeploying people who have performed routine tasks for many years.

Taiwan’s Financial Supervisory Commission (FSC) is driving the country’s banks to move to digital platforms through its “Bank 3.0” vision as banks have an urgent need to differentiate themselves in the crowded retail banking market.

Robotics, enabled by artificial intelligence and machine learning, is proving to be a game changer that can bring unique operational efficiencies to the financial services industry.