Banks can transform by using cognitive capabilities for insights

By using cognitive capabilities to attain analytic insights, banks can transform from being mere service providers to playing integral roles in customers' everyday lives by optimising how they use data and orchestrating multiple ecosystems of providers, says new IBM research on how cognitive computing can radically change the banking sector.

IBM engaged with over 2,009 executives worldwide for the 2016 Cognitive Bank Survey. Analysis of the findings confirms that commoditisation, discerning customers and disruptive competitors are major industry challenges requiring urgent responses.

The survey says only 28 per cent of the executives are familiar with cognitive computing, and 17 per cent say their organisations are ready to use it. In 2016, just 11 per cent said they have adopted cognitive technology. The top three strategic objectives were all cited by more than half of the respondents: improve operational efficiency (58 per cent), improve customer engagement and experience (51 per cent), and grow revenues (50 per cent).