AI, the Mastermind Behind the Transformation of Traditional Banking

Banking CIO Outlook | Monday, July 29, 2019

Banks today are struggling to reduce costs, meet margins, and exceed customer expectations and to enable this, implementing AI is particularly significant.

FREMONT, CA: Artificial intelligence (AI) is today’s essential requirement for banking and financial services as technology has significantly revolutionized the sectors. Integration of AI improve developments in the financial industry and leaves a positive impact on the industry. Below are the few ways how AI will help take banking to the next level.

• Customer Service Support

AI has made banking more efficient and has raised customer services to a new level of comfortability. As banking needs more efficient customer services, AI can significantly help with it. It helps in meeting customer satisfaction with complete digital support. It can offer assistance in cash transfer, cards management, bills payment and any other sorts of help.

• Fraud Recognition

Reducing fraud in banking is becoming very challenging. AI is making it easier to recognize malicious activities faster and support security investigation teams. It also handles complex situations and tactics and is capable enough to develop new approaches to understanding the scam factor. Deep learning is a significant factor of AI that supports in analyzing intricate pattern within data and is used in identifying frauds. It drives towards real-time scam solutions for the banking sector and enhances security with fraud prevention tactics.

• Wealth Management and Spending Optimization

Most consumers are demanding simplified wealth management, starting from setting up the account and finally achieving their financial goals. The use of AI could greatly aid on this as it could optimize income and saving based data derived from users’ spending pattern. AI will be giving financial advice and market signals, seamlessly growing customer’s wealth and minimal risk.

• Mobile Banking

AI and ML directly impact it. AI in mobile banking is reshaping the customer experience as its core premise includes offering banking services around the clock and finally allowing employees to focus on complex tasks.

AI is indeed helping to bank in improving routine operations and boost efficiency level, ultimately delivering profitable and consistent growth. In a nutshell, AI is becoming the mastermind behind all innovations and is highly recommended to support management.

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