Artificial Intelligence and Innovation in Banking: Insights from Rimini Street's Jonathan Bangura

Artificial Intelligence's Role in Banking Innovation

Artificial Intelligence (AI) is revolutionizing the banking industry, pushing institutions toward innovation. Jonathan Bangura, Rimini Street's VP and global head of financial services, emphasizes that financial services must embrace technology to thrive.

Challenges and Opportunities in Financial Services

Banks must navigate a complex landscape, balancing employee and customer experiences while managing costs and regulatory pressures. Investing in AI solutions can greatly enhance efficiency and customer satisfaction.

Embracing Transformation Strategies

• Generative AI enhances customer interactions.
• Cloud transitions create agile banking environments.
• Cybersecurity remains paramount in the industry.

According to Bangura, financial institutions that prioritize AI and data management can expect significant competitive advantages. By reallocating resources away from legacy applications towards modern technologies, banks can better prepare for the future.

Strategic Partnerships for the Future

Choosing partners like Rimini Street can help banks cut costs significantly while maintaining their ERP systems, freeing capital for innovation. To succeed, financial institutions must stay agile and responsive to shifting market demands.