Imperishable changes have been witnessed in the banking industry with the introduction of artificial intelligence (AI). Organizations gravitate towards new age technologies and seek a competitive edge by achieving improvements in speed, accuracy, and cost. Below are few transformations outlined that AI brought up in the banking sector.
Chatbots
Chatbots are a major attraction to the banking organizations as they have improved speed, accuracy and are cost-effective. Chatbots ignited the era of AI in the banking industry, used basically for enhanced customer experience by personalizing it for each one of them. Currently, chatbots are used in mobile applications and as virtual assistants. It is assumed that these bots are much capable and incorporating machine learning in them will open up new opportunities.
AI in Security
AI technology is not restricted to bots; the main use of AI in banking is to improvise security. The technology holds a responsibility to detect frauds and manage risk with security. With the help of analytics AI also predicts frauds and breaches and alerts the organization to keep a watch over it. Banks have been able to take a step ahead in security by introducing biometric data for customer validation which AI made possible.
Process Automation
Apart from its customers' banking organizations have started to AI technology to automate their internal process and optimize their resources. Bots enabled with AI are deployed to handle internal queries and IT requests such as reset the employee passwords. This has allowed banks to divert human efforts towards creative areas.
Recognizing Trade Patterns
Pattern recognition and predicting future outcomes is a very useful feature of AI technology. Banking organizations have started to develop AI enabled platforms that would be capable of understanding trading patterns and thus formulate new trading strategies for their client’s. Also, the platforms would scan through emails sent by clients and process their splitting trade into various funds request before executing transfers.
AI is not just the one to revolutionize the banking industry; technologies like IoT and machine learning have also contributed. Combining these technologies to build new platforms will open up to opportunities and ideas never thought before.
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