How banks can save time by using AI

Aug 27, 2018 | 5820 Views

For most industries AI is the evolution stone that will help their industries to evolve into something new better but has the same pedigree. In the present situation it is kind of acting in that way only. Using AI has given industries the necessary edge over others.  Banking sector is not shying away from the use of AI in the industry. For an industry that has it's disconnects with profitability since the financial crises introduction of AI to the industry can be somewhat of a revolution for the industry. When it comes to the use of AI in banking sector or financial sector the vision is narrowed to AI as chatbots to improve customer experience, services or with data, there are a lot of other applications of AI when it comes to the banking industry.

Blockchains: The customer base that banks serve is going through a major shift in terms of buying behaviours and preferences, driven by the digital revolution, particularly social media and mobile.  An increased demand for more choice and control in how they interact with a bank is on a rise. Sluggish payment processes will be a thing of the past as Blockchain is set to inculcate the advantage of real-time payment process, hastening up the procedure of payment, thereby increasing support and satisfaction.

Personalization: Financial advisors and planners are providing expertise to people in making financial decisions; this personalized help will help the financial sectors accomplice new achievements. Analyzing market's behaviour for an individual user's financial goals and personal image and offering them recommendations regarding stocks and bonds will help financial sectors create a personal bond with their users.   

Digital wallets: Digital wallets are touted as the future of real-world payment technologies, with major players like Google, Apple, Paypal and others, jumping on the bandwagon and developing their own payment gateways. This decreases the dependence on physical cash, thereby expanding the reach of money to greater levels.

AI used for data analytics: Applications embedded in end-user devices, personal robots, and financial institution servers are capable of analyzing a huge volume of data, providing customized financial advice, calculations and forecasts. These applications can also develop financial plans and strategies through research, regarding various customized investment opportunities, loans, rates, fees, etc and track the progress.

Voice assistance: Voice Assistance is making the physical presence of less importance. With the advancements in technology customers are able to use voice assistance to use the services provided by the banks.

Customer support: banks are building an environment that will help them focus and improve a customer's experience, providing an individual identity. AI will be able to handle most of the customer services with the improvements in natural language and speech technologies. Customers would not have to wait in lines for long hours.

Digital banking: Banking is a lengthy process, with past records of long queues and sluggish response marring the productivity. Even opening a bank account was viewed in negative terms as harried consumers would run pillar to post, while getting the necessary documentation complete.  Digitization of documentation eases that pain and creates a comprehensive platform, where the consumers and providers connect.

Source: HOB