Artificial Intelligence is all about identifying patterns and then delivering services that are customised and ensure a satisfying customer experience. And, one sector that needs this service desperately is banking. While some think AI is new, it has been driving the sector for long. The benefits of AI in banks and credit unions are widespread, reaching back office operations, compliance, customer experience, product delivery, risk management and marketing to name a few.
Customer experience that doesn’t invade privacy
One of the first uses of AI in banking was fraud detection. Machine learning allows banks to review the activity patterns of a particular customer and any unusual transaction can easily be flagged. What has been revolutionary overtime is the real-time identification of potential fraud. Now the technology can also identify a good and a bad transaction made by the customer.
Gathering data that is of use
Data, who can live without it. Not banking sector for sure. While the existing customers are important, gaining new ones is important too. Data can help achieve both. Data collected overtime and using machine learning allows a relationship manager at a bank to advice his/her existing customer with what service will be best fit for them. This could make customer relations stronger as well as long lasting. The more the data, the less the expenditure a banking firm makes on each customer. And, this is being achieved by new cognitive-based solutions.
Customised to the top
What does every customer need in today’s time? Personalised services. With AI, these services have become easily available to customers and a cost which is lesser than before. Moreover, with AI, the financial institutions can provide these services 24×7, all thanks to automated financial advisors that monitor your financial movements and help set goals for them too. This is true for those who invest in bonds and stocks. Smart wallets are another service offered to customers that are personalised for people who transact using plastic money.
Startups are coming up with some amazing applications that offer banking services to consumers 24×7 and at their phone. Apps including Finie from the house of Clinc allows customers to interact with their bank using voice commands. They could check balance, provide recent transactions. Not just usual, customers can also know how much do they spend on grocery, leisure or other services every month.
All of this and much more in the making, AI is going to take banking to the next level and make it competitive, too. It is a fact that more than 10 per cent of organisation use AI to track their competition and identify business opportunities for their organisation.
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