“AI is probably the most important thing humanity has ever worked on.” – Google CEO SundarPichai The words stated above by SundarPichai speak the worth of AI technology. And it is no more a surprise that Artificial Intelligence has revolutionized banking in the best possible way. Now it is a matter of few taps, through which customers can approach and leverage their financial information. The digitalization has changed the face of banking around the globe. And in this run, Artificial Intelligence (AI) is one of the best solutions, letting banks and financiers to experience increased efficiencies. How AI is changing the banking industry? As we all know that customer experience is the key driver of any brand’s growth. And often is the point of differentiation from other competitors as well. For the management of financial data, the integration of technology has paved a seamless way. AI enables banks and Fintech to offer those products and services to customers, which were considered time and cost consuming. Now with the help of technology, customers can gain greater clarity over their banking issues. Areas where Banks are embracing AI
Let’s find out further with this post, that how AI is getting utilized in the banking capacity. And how it is helping customers to achieve their financial goals faster than ever before. #1 - Enhanced customer banking experience Nothing satisfies a customer than someone who is there to assist them 24/7. And in the banking sector, this need is a little more, as customers can face issues with their financial services anytime. With the help of AI-enabled chatbots, it becomes much easier for the consumers to get the answersfor their queries. These bots offer proactive information to the consumers and make them feel comfortable and connected. This leaves a positive impact on consumer relationships. And further lets users to get relevant information and assistance after banking hours. #2- Reducing paper-based banking processes As we know that the banking industry is increasingly growing digital, which is helping the piled-up desks as well. The human-based paper-work banking has always been a tedious affair to run banking operations. And these issues further led to increased operational costs and risks from human error. But these all issues are well-managed by AI technology. With the integration of AI, many internal processes are enhanced now and require less human interference to carry out the duties. Now consumers get the virtual financial assistant, which help them with a variety of banking-related activities. It further lets the users apply for credit cards, money transaction details, and other daily banking tasks. #3- AI for back-office operations If you think that banks have got the work done on the front-desks only, then you need to change your perception. Because there is much more that runs behind the curtain as well. In the back-office to run the secured and smooth process, there are several steps to be covered. There can be an issue of handwriting recognition, bank defaulter, or any other concern. Every issue is well-handled and managed with the help of NLP and other technologies of AI. #4- Predictive analytics AI has fully automated documentation tasks related to legal, compliance, and risk. Now with the help of Predictive Analytics banks can track changes in the market. This is done with the help of data utilization, where it becomes easier to determine risks, workforce needs, and other aspects of banking planning. #5- AI for debt collection Yeah, it sounds a little surprising, but it is the fact. Now, banks are turning to AI to help with debt collection. Banks are embracing different aspects of this very technology to enhance its debt collection process. Artificial Intelligence, helps banks to identify not only the best time to contact debtors but the best channels to reach them as well. In this run, AI offers an estimation of a debtor's chances and possibilities of paying after analyzing the available data. This same method has let Hanseaticto raise its debt collection with 14% high in just six months. What is the future of AI in banking? Indeed, it is a very interesting question! As we know that the latest advancement in technology is transforming the services offered by different sectors and businesses. So AI is also not going to fall back, rather it would continue transforming the banking industry. AI has let the banking industry to provide greater levels of value to customers and reduce risk. This is certainly spinning the wheel of the financial engine of the digital economy. Final thoughts There is a great number of possibilities for AI in the banking world, and that makes it promising enough. It is very much expected that shortly there will much better advanced AI for the banking sector. So stay tuned to witness mainstream banking getting enhanced with technology.
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Author : AnkitAnkit is a lead Business strategists at Techugo. His passion and skills for marketing and writing is imbibed together in his writings. In addition to writing tech-infused write-ups, Ankit is a frequent backpacker. Follow him on FB and Twitter... Archives
July 2021
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