How Artificial Intelligence Is Reshaping Banking
Artificial intelligence is transforming the banking industry, with far-reaching implications for traditional banks and neobanks alike. This transition from classic, data-driven AI to advanced, generative AI provides increased efficiency and client engagement never seen before in the banking sector. According to McKinsey’s 2023 banking report, generative AI could enhance productivity in the banking sector by up to 5% and reduce global expenditures by up to $300 billion. But that’s not even half of the picture.
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Embedded Banking Use Cases
Embedded bankingrefers to integrating traditional banking services into non-financial platformsand applications.
Read MoreUnderstanding The Role Of Embedded Finance In The Fintech Revolution
Embedded finance is the integration of financial services into the offerings of non-financial companies. This innovative approach allows businesses to provide seamless financial solutions such as payment processing, loans and insurance directly within their platforms. This is especially effective for applications that allow users to either provide services for each other or interact in an exchange of value, be it monetary or not.
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We studied the most common use cases of embedded finance from emerging and established players in the market.
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