bankingciooutlook

How Artificial Intelligence is Reshaping the Banking World

Banking CIO Outlook | Wednesday, September 01, 2021

Banks incorporate chatbot services in mobile apps because clients use them to conduct financial transactions. This allows one to capture the attention of users and establish a market-recognized brand.

Fremont, CA: The field of artificial intelligence is rapidly evolving. Financial institutions are already utilizing AI to detect fraud and anomalous transactions, customize customer service, assist in credit decision-making, use natural language processing on text documents, and manage cybersecurity and risk.

Banks have improved their techniques of dealing with clients during the last few decades. They've adapted modern technology to fit the unique nature of their employment. For instance, the first ATMs were established in the 1960s, and ten years later, there were already cards for transactions and payments. Users learned about round-the-clock internet banking at the turn of the century, and they learned about mobile banking in 2010. However, the financial system's evolution is far from over, as the digital age has opened up new possibilities, such as the application of artificial intelligence in banking and financial organizations.

Mobile banking

In mobile apps, AI functionality is getting more proactive, tailored, and advanced. One Canadian bank, for example, has put Siri in its iOS app. To send money to another card, say something like, "Hey, Siri, send $20 to Alex!" and then authenticate the transaction using Touch ID.

Thanks to AI, banks generate over 66 percent more money from mobile banking users than clients who visit branches. Banking institutions are paying special attention to developing technology in order to improve their service quality and remain competitive.

AI Chatbots

Conversational interfaces with artificial intelligence (AI) are known as chatbots. This is one of the most well-known examples of AI in banking. Bots connect with consumers on the bank's behalf without incurring high costs. According to research, each conversation handled by the chatbot saves financial organizations four minutes.

Banks incorporate chatbot services in mobile apps because clients use them to conduct financial transactions. This allows you to capture the attention of users and establish a market-recognized brand.

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