“ AI – Artificial intelligence and machine learning, as a dominant discipline within AI, is an amazing tool. In and of itself, it’s not good or bad. It’s not a magic solution. It isn’t the core of the problems in the world.” — Vivienne Ming, Executive Chair & Co-Founder, Socos Labs
Banking and finance sector have made a long way to reach the advancement we are using today the old method we used previously has been replaced by the ongoing technology. One such technology is Artificial intelligence that has recently gained a large number of popularities worldwide due to its vast number of applications in almost all field. The banking sector has also started accepting its use in modernizing their present technology and also to come up with new innovative ideas. This technology will surely increase the ease of doing work by our banks and thus the efficiency will increase in high speed at reach to next level for sure. Well, it is said banks were first to come up of the idea to use AI in the market.
Let’s understand what is Artificial Intelligence in brief:
Artificial intelligence is a well-known branch of computer science that bought smart machines into existence. These smart machines are capable of performing the task that requires the knowledge of human intelligence and thus is broadly considered for use in every possible field. This broad science field has many approaches but the advancement in machine learning and deep learning are creating a different impact in the tech industry. Artificial intelligence is divided into two broad categories known to us as the first one in Narrow AI that is referred to as a weak kind of AI that is capable of performing limited context under the AL application. Mainly the whole focus is made to perform a single task in the most perfect and extremely well. The other one is Artificial General Intelligence (AG) which is also termed as a strong AI mainly we see this in movies which have robots, aliens’ stuff. It is having human intelligence capabilities that make its use more preferable.
Some of the intelligence tools that are based on AL are presently in use by the people such as smart assistant like Alexa, prediction tools, drone robots, personalized healthcare, Conversational bots. The main goal of AI Is learning, reasoning and performing. There are endless applications of artificial intelligence. The technology is very flexible to be applied in any industry. AI is tested and then approved to perform any task in almost every field.
There would be some sort of reason that AI technology has gained so much support in the financial sector may be the feature can resolve our doubt
Let’s see how?
Better customer experience is at the top of the list maybe because it is the priority of every bank to come up which good reviews through there customers. The banks have adopted this technology off course by keeping customer preferences in mind. The service if improve then could attract more customer at their side. Ai here is used to personalized the product based on the customer need also it can analyze user behaviour to provide support. The query can be easily solved based on the history of behaviour and transaction doubt. One form of AI is already in use by banks which is Chatbot that is of so help to people as through that the customer make payments, check their balances, transfer money and even suggestion of product based on search history while in some banks online advice regarding insurance is provided too. The faster and personalized service here is the real attraction tools. Also, as the tools are developed in the low budget the availability for people to use it become more and reduce price act as a nice tool here. The efficiency here is increased so much. Also, the time and resources spent are reduced to the use of AI.
A majority of people here know about risk management here in AI technology it is used to analyze historical data and conduct the risk analysis to reduce human error that provides help in reaching out the best product to the clients out there. Now the complaint issues are resolved within a fraction of time. Prevention from fraud is the only service that is a package if provided then can reduce the main concern with the customer as the main thing they’re always worried about is the security of their data, money and personal information they have provided to the banks at the time of making a bank account. automated fraud detection solution adopted by the banks as it increases the accuracy of credit card detection for fraud and blocks the particular person immediately and also legal charges are put on the person.
Anti-money laundering can be new to some of you as I can define it in simple words as the law, regulation and procedure made to prevent criminals from accessing the funds as an income. As it covers a limited space of transaction till date but surely will expand over time. There are several benefits it provides such as the error-free computation which has so many advantages in itself only as now the error which were caused by humans can be avoided. If we talk about the effort made by humans than that part is also solved as now the work which boring to human is done easily by machine without complaint and getting bored such as laborious, repetitive, and tedious tasks. The predictive analysis is also carried for various banking system.no the fraud detection has also become easy for various disastrous activities in a very short amount of time and thus efficiency is also increased. The organizing procedure has also improved and now the record need not be searched into bog bulk of files which is sometimes never-ending work for employees of the bank now in pc by typing the name or other recognition procedure you get the whole information. Natural language processing and voice recognition AI tools have become more interactive with human and assisting in simply solving many problems. Now the achievement of regulation and standardizations is been strictly followed which was sometimes avoided by humans in a sense of comfort. The fear of exhaustion is no longer a problem as now the problem of rest, break and sleep even getting bored is not a part of the machine way of doing its work.
Conclusion: The future of banking with AI is having a lot of scopes as the technology is under progress and soon it will even come with some brilliant idea. The drastic move made by adopting the AI technology was once resisted by many people as they thought it as a risk of loss. But the impact of AI was wonderful in serving and those people are now using it like they never prevented it before. This has made banking experience so easy and comfortable as per the reviews collected by the customer using it.