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Footprint of Artificial Intelligence in Banking and Finance industry

Artificial intelligence in the Financial and Banking industry is able to meet the requests and demands of people who need safer, smarter and more convenient ways to invest, spend, save and access their money.  AI in the banking and financial industry is creating a big effect through machine learning algorithms.

 

AI can reduce the cost in banking

Banks and other financial institutions can lower their operational cost by applying artificial intelligence which can automate many processes in banking.  It can expand the hours of customer service, reduce human errors and can give more focus on complex issues in an organization.

AI can predict fraud scenarios

As AI can understand human mindset, Banks could benefit from a machine learning-based fraud detection since the model could be trained to detect fraud within more than one type of transaction or application, or both of these simultaneously. Fraud Detection with AI assists to complete data analysis within milliseconds and detects complex patterns in the most efficient manner which can be difficult for the fraud analyst to detect. AI can guarantee that all security measures, policies and regulations are being strictly followed while designing and delivering any financial service.

AI for customized financial services

AI can be utilized to inspect cash accounts, bank accounts, credit accounts, and investment accounts, so that it can observe a person's general financial health, match the real-time changes and can generate customized advice based on new incoming data. Al can also choose a suitable style of spending, investing and saving that is based on the customer's personal habits and goals. With AI in finance, it's possible to create smart products that can learn from the customer's financial data and decide what's working for them and what's not, and help them track their monetary activities better.

AI can provide 24/7 Support through Voice Assistant

Natural language technology can analyze queries to answer the questions, find information, and connect users with various banking services. Through voice-powered digital banking chatbots, customer interactions are read, processed and understood properly so that they can receive complete solutions from the bank. Based on customer’s needs, preferences, transaction patterns and behaviors, the AI-enabled voice assistant can guide them very efficiently.

AI powered Chatbots in banking

AI powered Advanced banking chatbots give access to all of a customer's data. At low cost, chatbots can provide smart and effective communications on behalf of the bank with millions of users. Customer reach and experience can be improved with the help of these Bots.  Through Bots customers can check their balances, send money, provide basic answers to customers, send reminders, monitor transaction history, provide faster service to urgent issues etc.

AI for better Money / Wealth Management

Since AI can analyze large amounts of unstructured data, it can detect "typical" behavioral patterns. With these AI engines, banks can provide insights on how to best service their high-net-worth clients. By automating large parts of the wealth management process, banks would be able to offer personalized, tax-optimized investments to clients. It can track  shell out habits, provide credit scores, set and manage budgets and tell the consumer where they are spending their money. AI provides recommendations and advice for better money management.

 

  •  December, 20, 2020
  • Shreya Abhyankar
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