Machine learning and artificial intelligence (AI) are buzzwords that are set to revolutionize financial institutions, if only they knew how.

A global survey of banks has found that 83% of respondents have evaluated the use of AI and 67% have actively deployed it, but there is still uncertainty about how to use the technology to address specific business problems.

The study by market research firm TABB Group for tech firm Squirro found that AI is the most important disrupter for tier 1 and 2 banks.

Among the key areas that banks see AI being used are in the identification of leads and closing deals.

“The potential of augmented intelligence to support relationship managers with data driven lead sourcing and next best action recommendations is starting to gain real momentum,” said Miguel Rodriguez, VP Customer Success at Squirro.

“The report has shown that banks are increasingly receptive to using AI and machine learning in their organisation, but it also highlighted what needs to be done to ensure maximum value is gained,” he concluded.

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