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FREMONT, CA: Most financial institutions have rolled into technologies over the past couple of years to optimize workflows. Not only does AI enhance the customer experience in financial institutions, but it also helps automate processes, increase revenue, minimize operating costs, and reduce fraud. Because the data predicts strong future relationships between AI and Fintech, it implies that in money houses, there is a large basket of possibilities with AI.
Algorithmic trading increases market trading frequency. Recognition of patterns and real-time big data analytics are Algo-trading's pillars. Massive data for index prices, sentiment analysis, social media upgrades, and the latest news, are used to draw patterns and insights for investment strategization.
Implementing Natural Language Processing (NLP) in chatbots has changed the customer service landscape of the banking sector. The AI chatbots that companies use shall provide operational panorama in a sophisticated manner. Chatbots deployed by banks are excelling as one of the most popular virtual assistants, handling millions of queries. A chatbot's 24/7 availability and rapid response take care of customers, making bank transactions easier and transparent.
With such a shift from offline to digital in banking, bank accounts for customers today are more than ever exposed, to online threats. The malicious software run by unethical hackers can easily dodge preventive systems such as PIN codes, passwords, and security issues. In such events, both banks and customers can pose tremendous losses. Today, banks can validate customer identities with the assistance of biometric voice recognition. It simplifies the processes of phone banking to an extent.
The banking industry is in the initial stages of building robust AI solutions. While these solutions can affect financial organizations' cost and revenue structures, the great potential is how AI can enhance the customer experience and improve the returns on the investments.