AI in Banking: What Are the Latest Trends?

ai in banking -magoosh

Artificial Intelligence is a reality today and it has changed our lives faster than we can imagine. It is already present everywhere from shopping, traveling, and cooking recommendations that we get based on the data we have on our phones, televisions, and other devices.

In past few years, artificial intelligence is growing so rapidly that it has impacted more than one industry, but one industry impacted significantly is the banking industry. For organisations which are in the banking sector, it is very important to keep up with the competition.

The following are some use cases where AI is being employed in the banking industry:

Anti-money Laundering

Most of the major banks across the globe use Artificial Intelligence to avoid any financial obstacle or anti-money laundering. In this competitive age, it is important to be fast and accurate. Advancement is the demand of today’s growing world.

Customer Service using Chatbots

Chatbots are already being used in the banking industry to revolutionize the customer relationship management at a personal level. Bank of America provides customers a virtual assistant named ‘ERICA’ that gives customers suggestions and helps resolve their financial affairs more accurately and fast. In India, State bank of India (SBI) has collaborated with ALLINCALL Research and Solutions and has introduced SBI Intelligence Assistance.

Hyper-personalization

Recommendation engines are also a very good example of Artificial Intelligence, as it recommends the plans and investment strategies based on past data and plans which helps the customer more accurately by meeting his/her requirements more effectively through the most appropriate recommendation to the user based on their preferences and the users’ history.

Robotic Process Automation (RPA)

Robotic Process Automation (RPA) is the creation of software robots that can be trained. This is similar to how a human colleague might be trained. This frees up the limited IT professionals to concentrate on more strategic tasks. Banks are actively employing RPA techniques so as to automate various mundane tasks. This is helping them improve the productivity of their employees.

AI as a technology now has become the backbone of the banking system, helping humanity as a whole. With the speed at which it is progressing, there is no doubt the industries that employ AI will grow at a much faster rate.

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