In this episode of The Data Standard, host Darren Kaplan talks about AI in banking with Mathew Joseph, the Vice President of Apar Technologies and Head of Artificial Intelligence Labs for CIMB Bank.

As Mathew Joseph says, “If you don’t have data, it is like you are swimming without water.” Data is the building block that leads to the future of digital banking.

Most IT companies build small AI solutions, such as chatbots, predictive maintenance solutions, and analytics solutions. The problem with many of those is that they’re often not custom-tailored to consumers’ specific needs.

At Apar Technologies, the goal is to reinvent banking. Before developing a custom solution that fits the customer’s needs, they use a Big Data platform to look at all the business and banking data. They use AI to analyze market trends, consumer behavior, interests, and other relevant data to develop a proper business strategy.

With a data science lab that has all the data privacy and security practices in place, a bank can become its every customer’s financial partner. It can provide personalized services and give back value to the customer.

Tune in with Darren Kaplan and Mathew Joseph to hear more about how AI and machine learning can revolutionize banking.