This episode of the Deep Banking podcast features Martin Frick, CEO of Moneythor, in conversation with Vivek Seetharaman, Moneythor’s Chief Product Officer, focusing on the evolution of digital banking and the transformative role AI now plays in the industry. The podcast traces how banking has moved from early internet-era online services to today’s hyper-personalised, AI-driven digital experiences. They explore how technology and customer expectations have evolved, driving banks to rethink engagement and deliver more than just transactional services.
In the discussion, Vivek explains how the journey began with banks sitting on mountains of customer data but struggling to turn it into meaningful engagement. Early AI efforts focused on basic machine learning to create customer segments, but now the technology is advancing toward true personalisation, enabling “segment of one” interactions driven by behaviour and preferences. They dive into practical AI applications, streamlining backend operations like onboarding and risk assessment, boosting relationship managers with AI-powered insights, and moving cautiously toward AI-driven customer-facing tools. Regulatory concerns are real, but with proper guardrails, AI’s transformative potential is enormous.
Key takeaways include:
- Digital banking success is now deeply tied to turning data into meaningful, personalised experiences rather than just product offerings
- AI adoption must balance innovation with compliance and pragmatic governance
- Banks are still early in the AI adoption curve, juggling excitement with operational realities, making it critical to adopt an agile approach and find the right balance between building versus buying AI solutions.