Page 41 - Banking Finance December 2021

ARTICLE

by the human end user and respond to them with the
most appropriate reply. With time, these chat bots
collect massive amount of data for the behaviour and
habits of the user and learns the behaviour of user
which helps to adapt to the needs and moods of the
end user.

7. Other Applications:
X Disease mapping and prediction tools
X Manufacturing and drone robots
X Optimized, personalized healthcare treatment
recommendations 1. AML Pattern Detection: Anti-money laundering (AML)
refers to a set of procedures, laws or regulations
X Conversational bots for marketing and customer
designed to stop the practice of generating income
service
through illegal actions. In most cases, money launderers
X Robo-advisors for stock trading
hide their actions through a series of steps that make it
X Spam filters on email look like money that came from illegal or unethical
sources are earned legitimately. Most of the major banks
Narrow Artificial Intelligence across the globe are shifting from rule based software

Narrow AI is all around us and is easily the most successful systems to artificial intelligence based systems which are
realization of artificial intelligence to date. With its focus more robust and intelligent to the anti-money
on performing specific tasks, Narrow AI has experienced laundering patterns.
numerous breakthroughs in the last decade.A few examples
of Narrow AI are Google search, Image recognition 2. Chat bots are already being extensively used in the
software, Siri, Alexa and other personal assistants, Self- banking industry to revolutionize the customer
driving cars and IBM's Watson. relationship management at personal level. Bank of
America plans to provide customers with a virtual
Artificial Intelligence and its relevance to assistant named "Erica" who will use artificial
intelligence to make suggestions over mobile phones for
Banking improving their financial affairs. Allo, released by
Banks have the history of adapting the latest technology Google is another generic realization of chat bots.
innovations to redefine the banking outlook and to see how Chatbots of 4 leading Indian Banks are, SBI's SIA, HDFC's
customers are reacting to it. First computers are introduced EVA, ICICI's iPal and that of Axis Bank is Aha. Credit card
into banks and then in 1960s ATMs, electronic, card-based issuer SBI Card has announced the launch of the
payments in the '70s. The 2000s saw broad adoption of 24/ Electronic Live Assistant or ELA, a virtual assistant for
7 online banking, followed by the spread of mobile-based customer support and services. Driven by Artificial
"banking on the go" in the 2010s. Intelligence and Machine Learning algorithms, ELA will
In recent years, if Artificial Intelligence has impacted one revolutionise the way customers interact with the
industry more than any other, it's the Banking industry. For company. ELA is designed to enhance the customer
organizations working in the banking industry, it has become experience by providing relevant and instant responses
increasingly crucial to keep up with competition, and to customer queries. The virtual assistant is currently
increase their standing as an innovative company hosted on the SBI Card website and will soon be
integrated on the mobile app as well.
Here are five key applications of artificial intelligence in the
Banking industry that will revolutionize the industry in the 3. Algorithmic trading: Plenty of Hedge funds across the
next 5 years. globe are using high end systems to deploy artificial

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