{"product_id":"ai-and-the-future-of-banking-isbn-9781119596127","title":"AI and the Future of Banking","description":"\u003cp\u003e\u003cb\u003eAn industry-specific guide to the applications of Advanced Analytics and AI to the banking industry\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eArtificial Intelligence (AI) technologies help organisations to get smarter and more effective over time – ultimately responding to, learning from and interacting with human voices. It is predicted that by 2025, half of all businesses will be using these intelligent, self-learning systems. Across its entire breadth and depth, the banking industry is at the forefront of investigating Advanced Analytics and AI technology for use in a broad range of applications, such as customer analytics and providing wealth advice for clients. \u003ci\u003eAI and the Future of Banking\u003c\/i\u003e provides new and established banking industry professionals with the essential information on the implications of data and analytics on their roles, responsibilities and personal career development.\u003c\/p\u003e \u003cp\u003eUnlike existing books on the subject which tend to be overly technical and complex, this accessible, reader-friendly guide is designed to be easily understood by any banking professional with limited or no IT background. Chapters focus on practical guidance on the use of analytics to improve operational effectiveness, customer retention and finance and risk management. Theory and published case studies are clearly explained, whilst considerations such as operating costs, regulation and market saturation are discussed in real-world context. Written by a recognised expert in AI and Advanced Analytics, this book:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eExplores the numerous applications for Advanced Analytics and AI in various areas of banking and finance\u003c\/li\u003e \u003cli\u003eOffers advice on the most effective ways to integrate AI into existing bank ecosystems\u003c\/li\u003e \u003cli\u003eSuggests alternative and complementary visions for the future of banking, addressing issues like branch transformation, new models of universal banking and ‘debranding’\u003c\/li\u003e \u003cli\u003eExplains the concept of ‘Open Banking,’ which securely shares information without needing to reveal passwords\u003c\/li\u003e \u003cli\u003eAddresses the development of leadership relative to AI adoption in the banking industry\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eAI and the Future of Banking \u003c\/i\u003eis an informative and up-to-date resource for bank executives and managers, new entrants to the banking industry, financial technology and financial services practitioners and students in postgraduate finance and banking courses.\u003c\/p\u003e \u003cp\u003eAcknowledgements xv\u003c\/p\u003e \u003cp\u003eAbout the Author xvi\u003c\/p\u003e \u003cp\u003eIntroduction xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Prologue: Why Banking? 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 1\u003c\/p\u003e \u003cp\u003eIntroduction 2\u003c\/p\u003e \u003cp\u003eWhat is Banking? 4\u003c\/p\u003e \u003cp\u003eWhat Do We Mean by ‘Money’ Today? 7\u003c\/p\u003e \u003cp\u003eA Cashless Society Increasingly Emerges 8\u003c\/p\u003e \u003cp\u003eKey Banking Functions 10\u003c\/p\u003e \u003cp\u003eFuture Jobs in Banking 14\u003c\/p\u003e \u003cp\u003eConclusion 17\u003c\/p\u003e \u003cp\u003eReferences 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Imperatives in Banking 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 21\u003c\/p\u003e \u003cp\u003eIntroduction 21\u003c\/p\u003e \u003cp\u003eStrategy and Imperatives 23\u003c\/p\u003e \u003cp\u003eStrategy 23\u003c\/p\u003e \u003cp\u003eBusiness Imperatives 24\u003c\/p\u003e \u003cp\u003eCurrent Imperatives in Banking 24\u003c\/p\u003e \u003cp\u003eComparable Imperatives in the Retail Industry 26\u003c\/p\u003e \u003cp\u003eComparable Imperatives in the Telecom Industry 27\u003c\/p\u003e \u003cp\u003eComparable Imperatives in the Healthcare Industry 29\u003c\/p\u003e \u003cp\u003eFuture Imperatives in Banking 30\u003c\/p\u003e \u003cp\u003eGreater Customer Centricity 30\u003c\/p\u003e \u003cp\u003eBecoming Truly Digital 31\u003c\/p\u003e \u003cp\u003eCompletely Accepting Technological Change 33\u003c\/p\u003e \u003cp\u003eReimagining Banking 33\u003c\/p\u003e \u003cp\u003eReinventing Risk Management 35\u003c\/p\u003e \u003cp\u003eConclusion 36\u003c\/p\u003e \u003cp\u003eReferences 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Data and Analytics Primer 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 39\u003c\/p\u003e \u003cp\u003eIntroduction 39\u003c\/p\u003e \u003cp\u003eData Management and Analytics 42\u003c\/p\u003e \u003cp\u003eData Management 42\u003c\/p\u003e \u003cp\u003eThe Hierarchy of Analytics 43\u003c\/p\u003e \u003cp\u003e‘Next-Generation’ Cognitive Analytics 45\u003c\/p\u003e \u003cp\u003eExtracting Value from Data 46\u003c\/p\u003e \u003cp\u003eThe Importance of Location Analytics 50\u003c\/p\u003e \u003cp\u003eConclusion 51\u003c\/p\u003e \u003cp\u003eReferences 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Key Elements of Banking Analytics 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 55\u003c\/p\u003e \u003cp\u003eIntroduction 56\u003c\/p\u003e \u003cp\u003eOffice of Finance Management 56\u003c\/p\u003e \u003cp\u003ePerformance Management and Integrated Decision Making 58\u003c\/p\u003e \u003cp\u003eThe Key Elements of Banking Performance Management 59\u003c\/p\u003e \u003cp\u003eCustomer Analytics 61\u003c\/p\u003e \u003cp\u003eCustomer Insight 61\u003c\/p\u003e \u003cp\u003eCredit Ratings 65\u003c\/p\u003e \u003cp\u003eBranch-Specific Campaigns 66\u003c\/p\u003e \u003cp\u003eImpact of Social Media Campaigns 67\u003c\/p\u003e \u003cp\u003eRelationship Pricing 69\u003c\/p\u003e \u003cp\u003eClient Servicing 71\u003c\/p\u003e \u003cp\u003eRisk Management 73\u003c\/p\u003e \u003cp\u003eRisk Scenario Analytics 74\u003c\/p\u003e \u003cp\u003eFraud Detection 75\u003c\/p\u003e \u003cp\u003eRegulatory Compliance 76\u003c\/p\u003e \u003cp\u003eRisk Management and AI 76\u003c\/p\u003e \u003cp\u003eOperational Efficiency 77\u003c\/p\u003e \u003cp\u003eIT Cost Transparency 78\u003c\/p\u003e \u003cp\u003eBranch Performance Management 78\u003c\/p\u003e \u003cp\u003eContact Centre Service 80\u003c\/p\u003e \u003cp\u003ePayments Monitoring 82\u003c\/p\u003e \u003cp\u003eMortgage Tracking 83\u003c\/p\u003e \u003cp\u003eSales, Compensation and Commission Management 83\u003c\/p\u003e \u003cp\u003eFinancial Markets Risk and Trade Monitoring 84\u003c\/p\u003e \u003cp\u003eAnalytics in Portfolio Management 85\u003c\/p\u003e \u003cp\u003eDerivative Markets 86\u003c\/p\u003e \u003cp\u003eConclusion 87\u003c\/p\u003e \u003cp\u003eReferences 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Machine Learning, AI and ‘Apps’ 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 93\u003c\/p\u003e \u003cp\u003eIntroduction 93\u003c\/p\u003e \u003cp\u003eTheory and Practice of Machine Learning 95\u003c\/p\u003e \u003cp\u003eApps and Their Usage 96\u003c\/p\u003e \u003cp\u003eData Visualisation 101\u003c\/p\u003e \u003cp\u003eVoice Recognition and Voice Assistants 102\u003c\/p\u003e \u003cp\u003eVisual and Facial Recognition 104\u003c\/p\u003e \u003cp\u003eThumbprint Recognition 106\u003c\/p\u003e \u003cp\u003ePalm Vein Recognition 107\u003c\/p\u003e \u003cp\u003eWealth Management Systems and Apps 107\u003c\/p\u003e \u003cp\u003eThe Biometric Moral Argument 109\u003c\/p\u003e \u003cp\u003eConclusion 111\u003c\/p\u003e \u003cp\u003eReferences 112\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 AI and the Importance of Brand in Banking 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 115\u003c\/p\u003e \u003cp\u003eIntroduction 116\u003c\/p\u003e \u003cp\u003eBrand Value and Equity in Banking 117\u003c\/p\u003e \u003cp\u003eMillennial and Gen Y Brand Expectations from Bank Brands 119\u003c\/p\u003e \u003cp\u003eBranding Expectations of Generation Z 120\u003c\/p\u003e \u003cp\u003eBranding Expectations of Generation X 121\u003c\/p\u003e \u003cp\u003eBranding and Customer Experience Interlocked 123\u003c\/p\u003e \u003cp\u003eBranding and Human-Centred Design 124\u003c\/p\u003e \u003cp\u003eTo Brand or to Debrand? 125\u003c\/p\u003e \u003cp\u003eBanks Will Use AI to Become Lifestyle Managers 128\u003c\/p\u003e \u003cp\u003eConsumption and Credit Smoothing 128\u003c\/p\u003e \u003cp\u003eConclusion 130\u003c\/p\u003e \u003cp\u003eReferences 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 AI Leadership and Employee Transformation 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 133\u003c\/p\u003e \u003cp\u003eIntroduction 133\u003c\/p\u003e \u003cp\u003eLeadership in an AI-Infused Age 136\u003c\/p\u003e \u003cp\u003eAugmented Leadership 137\u003c\/p\u003e \u003cp\u003eAnalytically Infused Leadership 138\u003c\/p\u003e \u003cp\u003eA New Approach to Leadership: ‘Trust but Verify’ 140\u003c\/p\u003e \u003cp\u003eAttributes of AI-Infused Leaders 141\u003c\/p\u003e \u003cp\u003eLeadership Training for the Future 143\u003c\/p\u003e \u003cp\u003e‘Digital Future of Banking Requires a New Leadership Model’ 145\u003c\/p\u003e \u003cp\u003eZen and Leadership in Banking 146\u003c\/p\u003e \u003cp\u003eFunctional Change and Role Transformation 147\u003c\/p\u003e \u003cp\u003eThe Evolution of the Banking Employee 149\u003c\/p\u003e \u003cp\u003eA Banking Employee Persona in 2050 149\u003c\/p\u003e \u003cp\u003eConclusion 151\u003c\/p\u003e \u003cp\u003eReferences 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 The Bank of the Future 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 155\u003c\/p\u003e \u003cp\u003eIntroduction 156\u003c\/p\u003e \u003cp\u003eBranch Makeover 156\u003c\/p\u003e \u003cp\u003eThe Emergence of the Café Bank 159\u003c\/p\u003e \u003cp\u003eMillennials Not Happy with Dealing Only with Robots 160\u003c\/p\u003e \u003cp\u003eVirtual Reality: Banking and Gaming Converge 161\u003c\/p\u003e \u003cp\u003eUniversal Banking and Beyond 163\u003c\/p\u003e \u003cp\u003eUniversal Banking in the United States 164\u003c\/p\u003e \u003cp\u003eBanks as the Catalyst for Change: ‘Peer to Peer’ 164\u003c\/p\u003e \u003cp\u003ePayment Processes Become More Customer Centric 166\u003c\/p\u003e \u003cp\u003eFive Scenarios for the ‘Bank of the Future’ 167\u003c\/p\u003e \u003cp\u003eThe Full-Service Bank 168\u003c\/p\u003e \u003cp\u003eThe Digital Bank 169\u003c\/p\u003e \u003cp\u003eThe Disaggregated Bank 170\u003c\/p\u003e \u003cp\u003eThe Conversational Bank 173\u003c\/p\u003e \u003cp\u003eThe Collaborative Bank 174\u003c\/p\u003e \u003cp\u003eTransformation of the Investment Bank 175\u003c\/p\u003e \u003cp\u003eConclusion 178\u003c\/p\u003e \u003cp\u003eReferences 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Open Banking and Blockchain 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 183\u003c\/p\u003e \u003cp\u003eIntroduction 184\u003c\/p\u003e \u003cp\u003eSetting the Stage: Open Banking 184\u003c\/p\u003e \u003cp\u003eInterlock between AI and Open Banking 186\u003c\/p\u003e \u003cp\u003eBlockchain: Setting the Stage 186\u003c\/p\u003e \u003cp\u003eInterlock between Blockchain and AI 188\u003c\/p\u003e \u003cp\u003eBlockchain in Banking 188\u003c\/p\u003e \u003cp\u003eInterbank Market 189\u003c\/p\u003e \u003cp\u003eForex Market 190\u003c\/p\u003e \u003cp\u003eInvestment Banks and Blockchain 191\u003c\/p\u003e \u003cp\u003eBlockchain in Indian Banking 193\u003c\/p\u003e \u003cp\u003eBlockchain and Open Banking in Africa 196\u003c\/p\u003e \u003cp\u003eConclusion 199\u003c\/p\u003e \u003cp\u003eReferences 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Innovation and Implementation 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 203\u003c\/p\u003e \u003cp\u003eIntroduction 203\u003c\/p\u003e \u003cp\u003eNew Roles and Responsibilities 204\u003c\/p\u003e \u003cp\u003eBootcamps, Hackathons, Innovation Labs, and Other Devices 205\u003c\/p\u003e \u003cp\u003eImplementation 207\u003c\/p\u003e \u003cp\u003eInnovation or Adaptation? 208\u003c\/p\u003e \u003cp\u003eThe Use of ‘Design Thinking’ 210\u003c\/p\u003e \u003cp\u003eFinding Capital to Innovate: One Example 211\u003c\/p\u003e \u003cp\u003eFintech for Banking 212\u003c\/p\u003e \u003cp\u003eBlockages to Innovation 216\u003c\/p\u003e \u003cp\u003eConclusion 218\u003c\/p\u003e \u003cp\u003eReferences 218\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Cybercrime and IT Resilience 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSummary 221\u003c\/p\u003e \u003cp\u003eIntroduction 222\u003c\/p\u003e \u003cp\u003eCybercrime in the Context of Operational Risk 224\u003c\/p\u003e \u003cp\u003eThe Internationalisation of Cybercrime 225\u003c\/p\u003e \u003cp\u003eCyber Security Toolkits 226\u003c\/p\u003e \u003cp\u003eCyber Risk Management Apps 227\u003c\/p\u003e \u003cp\u003eBroader Cyber Issues for Banking 227\u003c\/p\u003e \u003cp\u003eSafeguarding the Bank of the Future: New Cyber Security Threats 228\u003c\/p\u003e \u003cp\u003eResponding to Cyber Attack 230\u003c\/p\u003e \u003cp\u003eCyber Readiness 231\u003c\/p\u003e \u003cp\u003eNew Cyber Roles, New Cyber Responsibilities 233\u003c\/p\u003e \u003cp\u003eAI Fraud Detection in Banking 234\u003c\/p\u003e \u003cp\u003eAdvanced Analytics in Fraud Detection 235\u003c\/p\u003e \u003cp\u003eAI and Anomaly Detection 236\u003c\/p\u003e \u003cp\u003eFraudulent Use of Data 236\u003c\/p\u003e \u003cp\u003eCyber and the Law 238\u003c\/p\u003e \u003cp\u003eConclusion 239\u003c\/p\u003e \u003cp\u003eReferences 239\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Epilogue 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix: Fintech in Banking 247\u003c\/p\u003e \u003cp\u003eIndex 271\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eTONY BOOBIER\u003c\/b\u003e is a former IBM worldwide executive focusing on financial services. He has over 30 years of experience and is a frequent writer and international public speaker. Tony possesses a deep understanding of how to apply business intelligence and analytics to enhance the management and delivery of products and services in numerous industries. A recognised expert in customer analytics, risk and operational effectiveness, he is a strong advocate for enterprise-wide analytics to improve service and reduce cost. He holds professional qualifications in engineering, marketing, supply chain management and insurance.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eAn industry-specific guide to the applications of Advanced Analytics and AI to the banking industry\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eArtificial Intelligence (AI) technologies help organisations to get smarter and more effective over time – ultimately responding to, learning from and interacting with human voices. It is predicted that by 2020, half of all businesses will be using these intelligent, self-learning systems. Across its entire breadth and depth, the banking industry is at the forefront of investigating Advanced Analytics and AI technology for use in a broad range of applications, such as customer analytics and providing wealth advice for clients. \u003ci\u003eAI and the Future of Banking\u003c\/i\u003e provides new and established banking industry professionals with the essential information on the implications of data and analytics on their roles, responsibilities and personal career development. \u003c\/p\u003e\u003cp\u003eUnlike existing books on the subject, which tend to be overly technical and complex, this accessible, reader-friendly guide is designed to be easily understood by any banking professional with limited or no IT background. Chapters focus on practical guidance on the use of analytics to improve operational effectiveness, customer retention and finance and risk management. Theory and published case studies are clearly explained, while considerations such as operating costs, regulation and market saturation are discussed in real-world context. Written by a recognised expert in AI and Advanced Analytics, this book: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eExplores the numerous applications for Advanced Analytics and AI in various areas of banking and finance\u003c\/li\u003e \u003cli\u003eOffers advice on the most effective ways to integrate AI into existing bank ecosystems\u003c\/li\u003e \u003cli\u003eSuggests alternative and complementary visions for the future of banking, addressing issues like branch transformation, new models of universal banking and 'debranding'\u003c\/li\u003e \u003cli\u003eExplains the concept of 'Open Banking,' which securely shares information without needing to reveal passwords\u003c\/li\u003e \u003cli\u003eAddresses the development of leadership relative to AI adoption in the banking industry\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eAI and the Future of Banking\u003c\/i\u003e is an informative and up-to-date resource for bank executives and managers, new entrants to the banking industry, financial technology and financial services practitioners and students in postgraduate finance and banking courses. \t   \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePraise for AI and the Future of Banking\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"Tony is not only a renowned expert of the financial industry of his home ecosystem, but also has exclusive behind-the-scenes insights into banks and insurers around the world. Therefore, I am pretty sure that this book will become a widespread bestseller pretty quickly.\"\u003cbr\u003e \u003cb\u003e—Dr. Robin Kiera,\u003c\/b\u003e internationally acknowledged digital thought leader \u003c\/p\u003e\u003cp\u003e\"This book is a superb resource for those keen to keep pace with the continuously evolving financial services sector. It discusses how AI and analytics impact banking, including Open Banking and Blockchain, and such insight will resonate with all who read it – from sector newcomers to seasoned professionals.\"\u003cbr\u003e \u003cb\u003e—Francesca Breeze,\u003c\/b\u003e UK Communications Consultant, Financial Services \u003c\/p\u003e\u003cp\u003e\"A modern guide on how technology is transforming the role of banking in our society and the relationship with the institutions, a must-read to understand the next steps of this revolution.\"\u003cbr\u003e \u003cb\u003e—Marcilio Oliveira,\u003c\/b\u003e Founder, Sensedia \u003c\/p\u003e\u003cp\u003e\"Tony Boobier provides extensive guidance and background on the digital revolution in Financial Services. A comprehensive sprinkling of the fin-tech disruption makes it a must-have for anyone involved in the future of banking.\"\u003cbr\u003e \u003cb\u003e—Richard Sequeira,\u003c\/b\u003e Director – Financial Services, TELUS Canada \u003c\/p\u003e\u003cp\u003e\"Tony has done a great job putting AI and banking together. IT has been the machinery powering banking for a long time, and AI is the new brain. With his profound knowledge, understanding and vision, he delivers for the reader a clear, structured and thorough path from today to the future of banking.\"\u003cbr\u003e \u003cb\u003e—Rafael Funes,\u003c\/b\u003e Executive Chairman, LOVIS \u003c\/p\u003e\u003cp\u003e\"At a time when business as usual is no longer a viable option for banks, due to the industry being totally reinvented by the advent of digitisation and AI, this book offers some highly valuable tips for organisational leaders on how to best navigate through these highly volatile and changing market conditions and develop a set of future proof strategic business imperatives.\"\u003cbr\u003e \u003cb\u003e—Dr. Randeep Gug,\u003c\/b\u003e Managing Director, Fitch Learning\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988708606181,"sku":"NP9781119596127","price":87.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119596127.jpg?v=1761781278","url":"https:\/\/k12savings.com\/products\/ai-and-the-future-of-banking-isbn-9781119596127","provider":"K12savings","version":"1.0","type":"link"}