Artificial Intelligence is one of the biggest disruptor in technology where it is touching almost every industry. The introduction of AI in banking sector will make the services customer centric and it will make them more secure.
AI based systems can be cost effective and improve efficiency of banking systems. Algorithms can easily spot anomalies and fraudulent information and make banking system more reliable. Algorithms can also make decisions by scrutinizing huge data and a human mind can never take such a leap.
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What Are Applications Of Artificial Intelligence In Banking?
Few banks around the world have started testing use of Artificial Intelligence on pilot scale and evaluate its value on products and services.
Let’s discuss few applications of AI:
People have shifted towards internet banking and everyday millions of transactions are done online. Bank users pay their bills, transfer money, deposit cheques and more. There is a huge need for a reliable system that can prevent all kinds of fraud and give users a great sense of security. AI in Cyber security can detect frauds and prevent them from happening.
Chatbots are one of the biggest success in Artificial Intelligence universe. The practical applications of chatbots are beyond explanations. A user can solve its problems any time and do not have to wait for tele-callers. It can be frustrating for people to wait for tele-callers and people also need to wait to call at specific hours as every toll free number is not active 24 hours.
To make safer choices banks should incorporate AI in analyzing data and make profitable decisions. Banks use credit scores, credit history and reference to decide whether an individual is worthy of giving credit or not. It can be deceiving sometimes and banks end up piling up NPAs in their portfolios.
Tracking Market Trends
Artificial Intelligence has ability to process and analyze huge data and it can make informed decisions. Humans can never analyze huge volumes of data efficiently. AI can use machine learning to evaluate market sentiments and also suggest investment options.
Customers have the thirst for better experience and they are looking for faster problem resolving methods. Example, your payment has stuck at 2 am in the night and you want to resolve the matter quickly but customer support will only be available from 9 am. If AI is employed chatbots can resolve your issue immediately.
Artificial Intelligence is highly controversial because people think that it is eating jobs and leaving people unemployed. Leaving that point aside, we can see how AI can advance us in future and change the picture of customer experience.