Frequently changing customer behavior has made banks and other financial institutions find it difficult to obtain accurate insights relating to customer transactional patterns and loan propensity. According to McKinsey, despite significant investment in AI, only 8% of banks are able to apply predictive insights from their machine-learning (ML) models to inform campaigns.
As customers increasingly desire personalized solutions and experiences, financial institutions must achieve accurate decisioning for effective product recommendation, or run the risk of falling behind.