bankingciooutlook

Rebuilding Finance Industry with Artificial Intelligence

By Banking CIO Outlook | Tuesday, August 06, 2019

AI in FinanceThe impressive technology of artificial intelligence can provide financial firms with the right developmental tool to excel in the modern market.  

FREMONT, CA: Banking and artificial intelligence make the right combination. The technology is poised to help transform banking services completely. By providing the human cognitive abilities to machines, technology has created the incredible potential to automate many tasks and make processes significantly efficient. With a vast amount of data to fuel the transformation, banks can see a series of ramifications and improvements.

•‚Äč Better Business Decisions

Machines are now capable of analyzing data and suggesting strategies. Previously, decision making was driven entirely by human beings and their understanding of a limited amount of data. With artificial intelligence, smarter decision making has become faster and much more accurate. Machines leverage data and bring forth deep insights that enable optimum returns.

Check out: Top Artificial Intelligence Companies

• Claims Management

Claims management is time-taking and complex. Different aspects of claims management can be automated with the help of artificial intelligence and machine learning. When machines take up the job of evaluating the damage and managing claims, there are fewer chances of frauds and wastage of resources. Processing time also reduces and services become satisfactory for consumers.

• Automated Customer Services

One of the main applications of artificial intelligence and its branches is in the context of customer services. Chatbots that can hold conversations with customers have proved to be extremely advantageous. With gradual development in technology, one can expect the chatbots to become more natural and optimized in the near future. Hence, communication with customers becomes more straightforward and cost-efficient.

 Better Insurance Services

The insurance industry also has significant benefits of adopting artificial intelligence. The technology makes services far more satisfactory for clients. Even service providers have been able to get better returns through the use of tools that help them make insurance policies customizable and personalized. Pricing of plans through artificial intelligence-backed devices and wearables make for relevant products.

The avenues for the incorporation of artificial intelligence are many in the case of the financial industry. Picking out the most suitable areas and scaling up gradually can help the industry evolve in tandem with technology and demands of customers.

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