When you buy a book from Amazon, you know you’ll get several book recommendations based on that purchase and other past purchases.

The suggestions won’t be about what other people in your age group have bought or what people in your neighborhood liked. And they won’t be based on months-old data.

They’ll be very specific to you.

When you make a bank transaction, you’re unlikely to receive any recommendation or advice, even though the bank may have more relevant data about your money than Amazon does.

Banks struggle with customer analytics. They have a lot of data, but they also have old databases, fiefdoms that don’t want to share customer data with one another and a problem in identifying the best ways to use the data.

If banks want to get serious about providing the same type of personalized insight that big tech companies do, they’ll need to get serious about adopting artificial intelligence first.