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Harnessing advanced analytics techniques like artificial intelligence (AI) and machine learning (ML) is fast becoming business as usual for the banking sector, with those that don’t adapt risking being left behind.
This is the view of data specialist Chris Sifter, a principal at the accounting, consulting and technology firm Crowe, who says that the rapidly evolving field has the potential to reshape every aspect of how banks do business, from operations, customer management and marketing to sales, compliance and risk.
Leading a team of data professionals at Crowe, he regularly works with banking clients looking to implement the latest technology to stay ahead of the curve. “A large number of clients I’ve spoken to are starting to spin up data science teams to look at things like customer churn and customer attraction,” he says. Where banks once analyzed data to understand what has happened in the past, they are now increasingly leveraging AI to predict future behavior.