Why Do Banks Consider Artificial Intelligence?

Why Do Banks Consider Artificial Intelligence?

Artificial Intelligence (AI) is fast evolving as the go-to technology for companies across the world to personalise experience for individuals. The technology itself is getting better and smarter day by day, allowing more and newer industries to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways.

The rudimentary applications AI include bring smarter chat-bots for customer service, personalising services for individuals, and even placing an AI robot for self-service at banks. Beyond these basic applications, banks can implement the technology for bringing in more efficiency to their back-office and even reduce fraud and security risks. 

Customer Support and Helpdesk: Humanoid Chatbot interfaces can be used to increase efficiency and reduce cost for customer interactions.

Risk Management: Tailored products can be offered to clients by looking at historical data, doing risk analysis, and eliminating human errors from hand-crafted models.

Security: Suspicious behaviour, logs analysis, and spurious emails can be tracked down to prevent and possibly predict security breaches.

Digitization and automation in back-office processing: Capturing documents data using OCR and then using machine learning/AI to generate insights from the text data can greatly cut down back-office processing times.

Wealth management for masses: Personalized portfolios can be managed by Bot Advisors for clients by taking into account lifestyle, appetite for risk, expected returns on investment, etc.

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