AI Integral to Innovation - Brazilian Banks

AI

Photo By Andrevruas via Wikimedia Commons

 

Business change and tech consultancy GFT Technologies’ research shows that various Brazilian banks view the importance of artificial intelligence in their innovation plans.

As a trusted sector for the international financial industry, GFT conducted a  Digital Banking Expert survey and it showed that 30 percent of Brazilian institutions view AI as an important part of their business.

While it showed that the Brazilian firms are enthusiastic about the future of artificial intelligence for ventures such as achieving better customer engagement and automating customer service, the country struggles with other issues. These issues include lack of effective partnerships with financial technology and AI vendors, lack of qualified personnel resources, and infrastructure.

Banking and financial services company Bradesco ranks as the highest advocate of AI technology in Brazil. It has also piloted IBM’s Watson, a question answering computer systems powered by AI. The Brazilian bank also announced earlier this year that it is planning to create a Watson-based AI system that will be available to its consumers.

So far, the bank has already used the system named  Bradesco Inteligência Artificial (BIA) to answer some client requests. Bradesco hopes that with added functionality, it will help their clients with tasks such as payments, phone top-ups through interacting with a chatbot, and transfers.

GFT Technologies’s survey covered 285 financial professionals from different countries, including US, UK, Switzerland, Spain, Mexico, Italy, Brazil, and Germany.