5 Key Ways Artificial Intelligence Is Transforming Banking Operations
Artificial Intelligence is revolutionizing the way financial industry runs and has emerged as a big disruptor. AI, when included in the business strategy can empower the banks and financial institutions to reinvent and redefine the way they operate. One of the key aspects of AI in banking is to get actionable insights based on customer preferences to ensure a delightful experience. AI has created fresh avenues for the banking industry.
Here’s how AI is shaping the world of banking
- Scams and Security Management –
The everlasting struggle of banks and financial institutions has been keen to protect and secure the ecosystem from breaches that may cause financial harm. AI has emerged as a key guardrail for them to ensure proper fraud and risk management. With AI, they can easily support investigation teams by identifying fraud factors, while strengthening the overall online security with its fraud prevention tactics.
- Bespoke & Differentiated Customer Experience
Exceptional customer experience has become a key area of focus for the financial institutions and banks if they want to move ahead of the competitors. AI enables banks to understand customers and their behavior better, allowing them to design products and services that keep customers at the core of it.
Integrating virtual assistants or chatbots into mobile banking offerings has become a key requisite for financial institutions to make interactions more natural and seamless. Chatbots are not only available round the clock but are also a smart way of delivering efficient customer service. AI-powered virtual assistants or chatbots make it possible for banks to respond more quickly and smartly to a wide variety of queries in diverse languages.
- Digital Wallets
Digital wallets are rapidly becoming the future of payment, and this has been made possible due to AI. This advanced technology has enabled banks to give a whole new meaning to the concept of paying, buying and selling. A study performed by IDC anticipated that financial services companies will invest US$11billion on Artificial Intelligence in 2020.
- Wealth Planning & Portfolio Management
AI is helping personal wealth planning to reach an all-new level. Financial institutions hinge on machine learning to make critical, real-time investment-related decisions on behalf of clients and investors. Data plays an important role in decision making and AI allows banks and financial institutions to experiment with diverse strategies and leverage assets of their choice.
Simply put, the banking industry is today leveraging AI-based technologies and solutions to enhance their business efficiency levels to the maximum possible extent. AI is enabling banks to better understand the challenges while providing intelligent insights for better decision making. It is enabling banks to turn data into insight, bring ideas to life and transform change into opportunity.
The financial institutions and banks that are in quest of novel ways to perform operations can explore possibilities with PureSoftware’s AI-based solutions and services.