Finance Industry Embracing AI for Operational Excellence

Banking CIO Outlook | Tuesday, August 06, 2019

Fintech advancements remove barriers between the users and institutions, changing financial services for the better.

FREMONT, CA: The busy world requires transactions that are safe, quick, and ready. Globalization is impacting at a more extensive, and faster pace. Fintech is emerging as an answer to the investment challenge of making it more straightforward and more available. By digitalizing information, banks and other financial industries strive to attract and maintain clients. The new financial services apps have changed and revolutionized the bankers' way of business.


Chatbots have achieved popularity by enabling clients to speak to robots conveniently in real-time and get precise responses or detect fraud based on learned customer behavior. AI chatbots assist companies in reaching more clients. Along with increasing customer satisfaction, they also help companies retain customers. AI chatbots help maintain down expenses and bag happy clients. This is by far the most prevalent trend at the moment as one of several fintech developments.

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Voice Technology

Many large businesses are currently offering voice banking. The activities that can be accomplished with voice banking are a relative restriction to figuring out what were the last few transactions, but the technology and safety characteristics are rapidly progressing. It's not insane to believe that shortly, we will be able to perform many other banking duties by voice, such as money transfer and mortgage claims.

Protecting Vulnerable Consumers

New facilities are emerging to safeguard elderly against economic fraud. The concept here is to assist old aged customers in maintaining financial independence while protecting their property. These services are also sometimes used for adolescents and young adults in college who are still being bankrolled by their parents— because they can assist parents in regulating expenditure and providing responsibility.

Today, banks are investing actively in security-based authentication techniques of the next generation to create digital confidence. Banks are planning to bring a relook into their internal procedures and techniques in use, to live their mission lines and attain success.

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