For many years banks have been at the forefront of using technology to help with both front-of-house and back-of-house operations. It’s no surprise then that banks are adopting Automation to help in a variety of ways. Large banks especially are industry leaders adopting Automation to stay ahead of the competition, provide greater customer service to customers, more relevant services and offerings, as well as helping transform many back end processes.
Financial transactions of the banks are analysed for learning, problem-solving and decision making with artificial intelligence and also by using big data, advanced analytics coupled with machine learning algorithms. Automation refers to machines autonomously completing repetitive tasks without human intervention. Lets underdstand How Al is transforming the banking industry:
AI minimizes operating costs
One inevitable thing the banking sector has to deal with is the paperwork. AI eliminates these error-prone and time-consuming human processes. A research report published in Business insider suggests that by switching to an AI banking system, banks can save an estimated amount of USD 447B by 2023.
AI improves customer support
Customer satisfaction directly impacts the performance and revenue of any organization and the banking industry is not an exception. With the help of AI chatbots and voice assistants, banks are now able to serve their customers 24/7 irrespective of their time zone or location.
AI improves risk management
Financial institutes like banks are prone to risk due to the type of data they handle each day. For example, banks employ AI-powered solutions that predict and prevent credit risks and can identify individuals and businesses who might default on their obligation to repay their loans.
AI provides better regulatory compliance
Banks need to comply with strict laws, regulations, and guidelines to prevent, detect and address any deviations, illegalities, and nonconformities in their operations. But by harnessing the power of AI in regulatory compliance, banks can simplify, automate and streamline the regulatory compliance activities and workflows.
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