Banks have grown technically advanced for improving their customer interaction. For instance, earlier one had to withdraw money by personally visiting the bank. After that ATMs came into existence and now we have internet banking. With each passing day, the banks are going more and more advanced trying to cope up with the current digital age. The incessant tries have landed the banks in the era of artificial intelligence. This technology not only helps banks in improving their financial services but also helps them to save money. According to a report by a Business Insider, the estimated cost savings for the banks from AI is $447 billion by 2023. This is surely huge!
AI in banking has become an inseparable part, it cannot be denied. Cambridge Centre for Alternative Finance and the World Economic Forum, major financial services companies including the banking sector, have adopted artificial intelligence in business areas such as risk management (56%) and generating revenue through new products and processes (52%). AI is gaining popularity these days and many financial institutions are switching to it for solving major and complex issues arising in the proper functioning of the banks/financial institutions.
According to a report by USB Evidence Lab, 3/4th of the respondents at the banks with assets above $100 billion say they are currently implementing an AI strategy, compared to 46% of the respondents with assets under $100 billion. Many banks have established AI for improving bank’s performance such as chatbots at the front office. This is exactly where AI architects come into the picture and do play an important role!
Benefits of AI in Banking
- To stand at par with the cutting-edge market competition, banks must go AI-centric.
- This technology helps the banking sector go automated and therefore, can improve human processes including decision making too many folds.
- AI is supposed to potentially help the banking sector increment the bank’s annual value by $1 trillion.
- AI helps in boosting revenues and get more ROI by advanced hyper-personalization of the customer experience.
- AI helps in reducing costs and expenditure that otherwise requires huge amount.
- AI in Banking and other financial sectors helps in minimizing human errors and maximizing accuracy.
- It helps in creating significant opportunities and unveiling hidden insights from massive data.
Who is an AI Architect?
An AI Architect works similarly and corresponding to a Chief Data Scientist in planning and implementing the best result-oriented solutions. This is achieved by picking up the most appropriate technologies and analyzing customers’ needs based on previous data and analytics.
Today every Bank must personalize the customer experience in a hyper manner on both the platforms, online and offline. The banks need to introduce Data Analytics and AI in improving the personal experience and streamlining customer journeys.
Jobs and Responsibilities of an AI Architect
According to research, AI architect can be one of those hottest jobs in the 2025 job market.
- AI architecture is based on the same idea to deal with complexities in analytics and AI.
- An artificial intelligence architect needs to know the information and infrastructure in which s/he is working, as well as the current technological landscape, to build architectures that work and adapt to the present and the future.
- AI architects understand the client’s needs and deliver the most tangible solutions.
- He or she works homologous to the data scientist in collecting, planning, analyzing, and executing the best business solutions. They must upskill their knowledge with a Data Scientist Course to provide the best result-oriented solutions.
- AI Architects choose the right technologies that work in the favor of growth and excellence.
According to Lindsay Sherwood, division director for Robert Half Technology in San Francisco “AI Architects find ways to apply AI technology to existing processes, identify new market opportunities created by AI, and stay ahead of the disruption this technology will initially bring.”
According to Lindsay, an AI Architect must own the following attributes-
- Machine Learning- The AI Architect must know how to use Machine Learning, a branch of artificial intelligence for the betterment of the company. ML uses algorithms analyzing big data sets and extracting information from them. In the banking and financial sector, the application of ML can potentially detect any fraudulent transactions.
- Natural Language Processing (NLP)- A good Architect must know how to operate NLP which converts unstructured data into structured data. In normal practice, it gets the humans to talk to the Machines. This is certainly great for maintaining good customer relationships.
- Integrating AI- Another important task of an AI architect is to incorporate artificial intelligence in functioning and decision making. The famous chatbot application is immensely beneficial for banking and other financial departments for enhancing their performance.
- AI Application Programming Skills- For better performance and building a better environment, an AI Architect is required to have AI Application Programming Skills. Whether the person builds the apps all by himself or to operate them. One thing is for sure the architect needs to have a deep knowledge of AI programming.
Salary of an AI Architect
According to the 2020 Robert Half Technology Salary Guide, the estimated starting average salary of an AI Architect is $143,750 which is supposed to be on a higher side in IT hubs like San Francisco.
How to Build AI Architect Resume
For learning AI skills and to build a resume with AI architect knowledge, it is very important to pursue a certification course in Artificial Intelligence. The demand for an individual with advanced AI skills is required everywhere and of course some limited options and institutions offer AI certification courses. But don’t worry, as we have curated a list of the best institutions for getting hands full of AI programming and tools. Below is the list of renowned institutions offering the best AI Certification Programs-
- USAIITM Certification Programs- The USAII Certifications in Artificial Intelligence is the most sought-after program due to its unrivaled framework of knowledge on AI practices to perform data analysis and autonomous computing with unmatched functionality and business value.
- Stanford University
- Duke University
- Imperial College of London