Finance leaders across the globe agree that AI (Artificial Intelligence) could soon replace 50% of all banking sector jobs, according to Personnel Today. With huge amounts of data being generated in the banking and finance industry, there are a lot of insights that need to be analyzed from that data. This is where AI comes in to help evaluate data faster so that banks can make smarter decisions and offer tailored banking products to their customers. With so many changes expected in the banking sector, it’s important to have a look at some of the outstanding technologies expected to make an impact on the industry.
Real-Time Fraud Detection and Protection
The banking sector has been at the receiving end of numerous fraud cases, leading to global economic losses of up to $600 billion. However, as technology in the banking sector changes, banks are quickly transforming and adapting new ways to counter everyday threats. When it comes to mitigating the risks, new solutions like AI are helping banks identify cash flow analytics in actual real time and quickly discover any fraudulent transactions so they can be stopped the moment they are discovered. While AI is expected to replace some human tasks, it simply empowers banks to better optimize their services and make smarter decisions.
Customer Service Chatbox
Just like other businesses, banks need to get new customers and retain the existing ones to achieve sustained growth. This can only be done if they have reliable customer service. Customers no longer visit banks to get general information like services offered and loan interest rates. Bank customers today simply have to visit the bank’s website and get all the information they need. To streamline customer support services, more banks are investing in AI technology, in the form of chatbots. The use of chatbots to drive customer care services is no doubt the missing link between slow and ineffective services that have been the norm in the banking sector and today’s more efficient, accurate and systematic customer services.
Improved Banking Services and Products
Considering that banks are able to analyze more data using AI and get great insights into customer preferences and behaviors, it’s easy to see why such technology is playing a huge role in improving banking services and products. By understanding what customers really want, banks can provide tailored services that meet the expectations of each individual banking customer. With mobile banking becoming the new frontier in personal banking, we can expect to see more AI-driven banking applications for mobiles and other personal devices. This means that customers can enjoy better shopping and financing services more conveniently.
In a world where data is becoming more easily accessible and valuable, embracing digital technologies like AI can help banks achieve greater efficiency and provide better services. At the end of the day, the application of AI is meant to create a better banking experience, which in turn fuels growth.