Page 36 - Banking Finance September 2021

ARTICLE

THE FUTURE OF

ARTIFICIAL

INTELLIGENCE

IN BANKS

A s per the World Economic Forum's latest unnoticed. In the intense app-driven world, the banking

research, artificial intelligence is already
sector eyes on leveraging with the assistance of mobile app
changing the way financial institutions provide
development companies.
more contextualised services to their customers
and the banking is no exception. Future customer Digital personal assistants and chatbots have transformed
experiences will be centred on AI. Where every financial the customer services and business communication. From
institution is competing for diversity of data, managing aiding individuals in carrying out daily tasks and giving them
partnerships with competitors and potential competitors will a customized experience, virtual assistants and chatbots
be critical and will require careful handling. have many applications. Taking a view of the banking sector,
mobile app development services can integrate the AI
The Rise of AI in Banking technology for enhancing services.

Strong and speedy process, advent of mobile technology,
Data regarding financial transaction can help the bank
data accessibility, and spread of open-source software offer
AI a huge opportunity in the banking sector. Though AI has understand the collection & expenditure pattern of the
been deployed in banking for many years; it remained customer. The bank can come up with a customized plan
accordingly and assist the customers for budgeting and other
treasury functions including Credit facilities, Fund
About the author Management & Supply Chain Finance. What's an additional
thing bank can send the notification about the advice for
Rajeev Shankar keeping a check on the expenses and investments based on
AGM (Research), the data.
State Bank Institute of Innovation
and Technology, Hyderabad Artificial Intelligence based report generation can be used

36 | 2021 | SEPTEMBER | BANKING FINANCE