bankingciooutlook

3 AI Capabilities Driving Banking Innovations

Banking CIO Outlook | Monday, August 05, 2019

AI and other technologies will not only empower banks by automating its workforce but also make the whole process of automation intelligent enough to address competition from other leading players in the industry.

FREMONT, CA: Emerging technologies are changing the banking experience for the better. Artificial Intelligence (AI) and big data are said to alter banking operations drastically. The implications of these technologies are vast, though most banking institutions are still in stepping their baby feet in adopting technologies. Here are some areas where AI and big data can well-play their roles.

• Fraud Prevention

Fraud prevention is where AI has a substantial role to play by analyzing spending patterns, location, and client behavior. In this analysis, it can detect anomalies in spending and alert the customer, dramatically reducing credit card fraud. The AI system can also flag suspicious behavior and require additional information from the user or block transaction. This potential means that banks can detect misappropriation in real-time.

• Personalization

Financial institutions can facilitate a more personalized experience as AI can analyze individual customer data and monitor anomalies. Also, most banks use bots that are AI-enabled bots with which banks will be able to offer highly personalized marketing and offers that make sense to the customer in light of their usage and finances. This also enables round-the-clock support. The AI aspects will teach bots new tactics to interact with other services to offer additional information.

• Process Automation

Using intelligent automation, banks can remove human error and remold the workforce to focus more on demanding tasks. Using AI-powered mobile and web chatbots, banks can speed up customer service and decrease the need for human assistants to answer questions. This secures ROI, reduces costs, and ensures accurate and quick processing of services at each step. Cognitive process automation fundamentally automates a set of tasks that improvises upon their previous iterations through constant machine learning.

Banking business and technology leaders are agreeing to the fact that AI is among the key trends that will reshape the industry. Many financial institutions are embracing to provide a more technology-focused offering to their clients. 

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