The priorities, initiatives and benefits of Machine Learning are reviewed. Early adopters are realizing benefits and gaining competitive advantage in the markets they operate in. 50% of people planning to use machine learning identified a better understanding of customers and prospects as their number one reason.
The base-line fact: retailers and ecommerce brands have more data available to them than ever before. The data is increasing by exponential factors as more endpoints are created to track consumers and their ever-changing behavior.
The number one trend identified in the 2017 Retail Banking Trends and Predictions was a renewed focus on the customer experience. Personalizing customer communications at scale, and leveraging AI to maintain a competitive edge along with significant efficiency gains are discussed.