Dhivya Suryadevara, Co-President of Fiserv, thinks artificial intelligence (AI) can breathe new life into the banking sector’s years-long struggle to modernize their core systems. Banks have traditionally viewed core modernization as a massive infrastructure overhaul that takes ages to complete, but Suryadevara believes AI might just change that narrative.
During a recent conversation with PYMNTS CEO Karen Webster, Suryadevara emphasized the potential of AI to significantly accelerate core modernization for banks. The goal of core modernization is to update antiquated systems that underpin various banking services. This process often involves a painstaking overhaul, resulting in considerable costs, lengthy timelines, and minimal customer benefit.
A Shift in Approach
Suryadevara pointed out that AI can be a more agile way to achieve this goal. Rather than replacing entire systems, AI can be used to augment and refine existing processes. This approach not only speeds up modernization but also enables banks to make targeted improvements that directly benefit their customers. By applying AI-driven solutions, banks can create a more integrated and user-friendly experience, which is essential in today’s digital-first landscape.
The Power of AI-Driven Innovation
The application of AI in banking has already led to innovative services and improved customer experiences. For instance, chatbots powered by AI can assist customers with basic inquiries and provide personalized recommendations. AI-driven fraud detection systems can also help banks mitigate financial loss and maintain customer trust.
What this means for consumers is simpler, faster, and more personalized banking services. With AI-driven modernization, banks can focus on delivering value-added experiences that foster customer loyalty and drive long-term growth.
What’s Next for Banking
As AI continues to shape the banking landscape, Suryadevara highlighted the importance of embracing this technology. However, she also emphasized that success hinges on effective collaboration between banks, technology providers, and regulatory bodies. By working together, the industry can unlock the full potential of AI and create a more modern, efficient, and customer-centric banking ecosystem.
