bankingciooutlook

Seven Uses of Machine Learning in Banking Industry

By Banking CIO Outlook | Friday, November 30, 2018

And just like other industries, financial institutions are exploring and implementing Artificial Intelligence in multiple ways to simplify banking-processes. Virtual Reality and Augmented Reality, AI, Blockchain are the latest technological trends that will transform the operating system altogether.

The banking sector was comparatively slow to adopt the new technologies because of the dependency on the human beings involved in this industry. Here are seven areas of AI technology in the financial sector.

1.  Digitization

The digital revolution in the banking sector has increased its customer base. Because of its 'Anywhere Banking' feature, it has become more convenient for people. It has brought together the consumers and providers to connect well as it has digitized the documentation procedure.

2.  Application of AI

A lot of information can be investigated successfully with the assistance of applications installed in robots, end-user gadgets and the financial institutions which likewise assists with projections, forecasts and actualizing customized financial aid. The financial plans and systems can be procured by these applications through research, about credits, rates, following the advancement and furthermore with a customized investment opportunity.

3.  Blockchain

Blockchain offers a more transparent network framework, a high level of security in storing and transmitting information and is also a cost-effective method. These key features made blockchain a more promising solution for an industry which was extremely conservative.

4.  Financial Decisions

Personalization of banking sectors will help clients in settling on better financial choices through automated financial planners and guides. They offer recommendations about stocks and securities in the wake of examining the market structure against the client's financial purposes.

5.  Digital Wallets

With a new approach towards a cashless economy, the digital wallets are becoming the future. Apps like Google Pay, Paytm, Apple have been welcomed by customers and the enterprises as they have reduced the dependency on physical cash.

6.  Voice Assistance

Voice Assistance is prompting to fade off the physical presence, as technology is empowering the clients to utilize banking services with touch screens and voice commands. Interactive Voice Response System (IVRS) helps in handling demands to the appropriate response of the inquiries, associating clients with different banking benefits and gives the required data. It diminishes blunders which used to happen in because of humans.

7.  Customer Support

While trying to improve the client experience and set themselves apart, the majority of the banks are building client-centric societies with the progression of machine learning, Natural Language Processing, and cognitive computing. All these are imperative for banks to make clients satisfied, avoiding waiting lines in the bank in the future. One major example would be the introduction of AI Bots in this industry.

Conclusion

Artificial Intelligence is driving the envelope of advancements and changing the manner in which clients are helped. AI is chipping away at giving customized support, fantastic client experience, speed and proficiency, and cost sparing.

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