How Artificial Intelligence Transform Banking Sector?

Artificial intelligence and its growing impacts on different business sectors are today’s widely discussed topic. Now banks are also choosing artificial intelligence solutions to support different processes like Personalized financial services, Voice Assisted Banking, Decision making, Scam Recognition, Biometric Identification, Customer Support etc. AI is new to the banking industry but still, we can say that it has a modified variety of operations. AI has multiple benefits to both, banks as well as customers.

Following are the application areas of AI technology in the banking sector –

1. Personalized Financial Services

Automated financial advisors and planners available who assist users in taking any financial decision. This automated financial advisors and planners monitor events, stock, bond price trends against the user’s financial goals and personal portfolio and recommend users regarding stock and bond to buy or sale.

2. Voice Assisted Banking

This is a technology which permits customers to use banking services with voice commands rather than a touchscreen. This is done by Natural language processing which processes queries to answer questions, find information and connect different users with various banking services.

3. Decision making

The decision could be made with a new style of management, where future banking and insurance leaders would ask questions to machines, instead to human experts, which analyzes data and come up with better decisions that leaders and their subordinates would use.

4. Scam Recognition

Scam detection was very difficult for the banking sector before artificial intelligence. Banking frauds were increasing rapidly. Many banks tried to identify the fraud factors, but it did not work. Scams started using advanced strategies, but Artificial intelligence came up with a solution. AI helped in recognizing the factors involved in frauds and supported investigation team. It handles difficult and complex situations. AI is capable enough to develop a different approach to understand the transactions in crucial aspects to identify a scam. Deep learning is one the significant factor of AI that recovers complex pattern within data. This strategy is used to reveal fraud. It boosts security with fraud prevention strategy.

5. Biometric Identification

Nowadays Biometric technologies are used in all sectors. This technology also helps in face recognition and speech detection. Banking sector or financial services are also using rental scans and other biometric technologies. All these technologies have supported in enhancing security and for authentic access.

6. Customer Support

Due to speech recognition and natural language processing, the computer is able to handle most of the queries of the customer. This has reduced the tedious job of waiting in line and hence result is customer satisfaction.

Conclusion

Artificial intelligence is transforming banking and financial industry in improving their routine operations to enhance efficiency level. It provides complete customer support with a variety of procedures. It also supports an understanding that where it stands and what needs to be improved. By bringing an automation it improves the performance. Ai is not just a single technology but it is a group of technologies, which support in interaction enhancement.