We usually ask the question of why banks don’t implement Artificial Intelligence if it’s so smart and efficient. Obviously, it’s not that easy for banks to make the switch which has been a traditional financial institution for a long time. Artificial Intelligence can be a rewarding prospect if properly deployed. AI is still developing and getting better with each passing day in whichever industry it is implemented.
The banking industry is full of surprises these days as there are a lot of up and coming technologies which are proving to be disruptive for the industry. Today, customers expect better banking services which should be agile and secure. Artificial Intelligence can definitely enhance the banking sector’s services by bringing more efficiency to operations.
There are various ways AI can help upgrade banking services and here are some of them:
Chatbots
AI-based chatbots are similar to human touch, and due to Machine Learning, it works with zero errors. A Chatbot can perform multiple tasks on its own, such as answering FAQ for the bank’s services, providing details about interest rates or personal account statements etc. The chat assistant learns and evolves as it is used and fed more and more data. Chatbots can improve customer satisfaction by providing quick service and assisting without the need to visit a bank’s branch or contacting them.
Fraud Detection
The banking sector is one such industry which is highly affected by frauds and every year there are huge losses incurred by banks. AI can monitor and detect suspicious transactions and flag them accordingly. AI-based banking application can scan through massive amounts of data to check for fraudulent activities and prevent a bank from embezzlement or any false-events.
