Banks of the future will create unique products for each of their clients based on the behavioral model and big data analysis, Mastercard Chief Operating Officer Andrei Tarusov said at the conference Digital Transformation of the Financial Sector held at the National Research University – Higher School of Economics.
“Financial institutions are actively using advanced technology such as artificial intelligence which is used at all stages of financial operations. Innovative technologies not only make the use of bank cards easier but also prevent fraud,” the expert said.
According to Tarusov, big data allows banks to segment the markets and adjust to each user.
“In the future, banks will be able to provide each client with an individual product developed using behavioral models. Banks are currently offering mass products segmented for various types of clients,” Tarusov said, adding that banks are transforming into IT companies.
“This is because we are living in the times of the Fourth Industrial Revolution that began in the early 2010s. Today each person possesses several digital devices and all of them leave a digital track that can be analyzed using big data,” Tarusov said.