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Brazilians Banks Leading the Way in AI

There are quite many institutions that are seeing artificial intelligence as a very crucial part of their strategies and operations. The current number of such institutions is higher in Brazil than in other nations around the globe. However, the number of case studies done on this matter is still minimal.

Brazilian banks are now boasting as being the majority of financial institutions that are viewing artificial intelligence as a top priority in banking operations.

Research shows that Brazilian banks are giving AI more strategic priority than other mature financial markets around the globe. An expert survey conducted by GFT Technologies reported that approximately 30% of Brazilian financial institutions view AI as playing a crucial function in their innovative plans.

The survey indicated that only around 23% of financial institutions in Mexico and the UK view AI as an integral part of their strategies. According to the same survey, only 17% of US financial institutions perceive AI as a vital technology in their overall financial operations. These figures show that AI is not yet widely appreciated in the banking sector across many countries.

Despite these low figures, AI has earned a lot of interest among researchers and analysts in equal measure. AI is increasingly becoming more popular. The survey focused on 285 professionals sampled from both large and small retail banks across Brazil, Italy, Mexico, the UK, the US, Spain, Germany, and Switzerland.

Reports of the survey indicate that Brazilian financial firms are more passionate about the future and potential of AI for conducting operations such as enhancing customer relations and automating customer services.

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However, Brazil faces a lot of challenges in its general economy and an unstable political environment. For instance, Brazil lacks effective partnerships and support from fintech and AI vendors.

The country also lacks sufficient qualified manpower and also faces numerous infrastructure challenges. This translates to small numbers of real AI initiatives across Brazilian Banks despite their positive zeal for integrating AI in banking services.

Bradesco, a banking giant, has been at the forefront of supporting AI technologies in Brazil. This high profile banking institution has also been piloting the IBM Watson technology for more than a year. Bradesco announced that it has put plans in place to ensure that its AI system based on Watson is available to consumers.

The banking giant has dubbed the platform as Bradesco Inteligencia Artificial (BIA). This system had only been used at an internal level to respond to requests placed by clients.

The system comes with customer-facing functionalities. This is an added functionality to make it more efficient in serving customers. With such added functionalities, the bank hopes to enable customers to do tasks like topping up mobile phones, making payments, and transfers by simply interacting with the Watson-based chatbot.

This will be an added benefit to customers for they will be able to make bank transaction from just anywhere anytime. With the integration of BIA in Brazilian banking, Brazilian consumers are at the forefront of enjoying the benefits of the application of AI in the banking sector.

Source Zdnet

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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