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Benefits of AI for banking sector provide personalised, value-added products to customers as
it learns about spending habits over time.
Fraud detection: Anomaly detection can be used to increase
the accuracy of credit card fraud detection and anti-money
With all this information, banks can now deliver organized
laundering.
financial services and advice better than ever before with
the help of AI-based decision making. By tapping into
Customer Support and Helpdesk: Humanoid Chatbot
customer profiles and preferences, banks can package
interfaces can be used to increase efficiency and reduce cost
products and services together based on personalised
for customer interactions.
needs.Banks can now develop more products affiliated with
greater customer loyalty and lifetime value. Whereas, for
Risk Management: Tailored products can be offered to
consumers, they can benefit from the convenience of
clients by looking at historical data, doing risk analysis, and
working with a trusted organisation that understands their
eliminating human errors from hand-crafted models.
personal requirements.
Security: Suspicious behaviour, logs analysis, and spurious
As the adoption of AI-based decision making tools grow,
emails can be tracked down to prevent and possibly predict
relationship managers will be able to more accurately and
security breaches.
consistently assist a customer with the best products and
Digitization and automation in back-office processing: services for managing personal finances.Relationship
Capturing documents data using OCR and then using managers will also be able to analyse a customer's banking
machine learning/AI to generate insights from the text data experience on existing channels. Doing so will allow banks
can greatly cut down back-office processing times. to determine how effectively their current processes
operate, whether there are any impediments for instance.
Wealth management for masses: Personalized portfolios They will then be able to model and implement process
can be managed by Bot Advisors for clients by taking into optimisation across their entire physical, web, digital, and
account lifestyle, appetite for risk, expected returns on mobile channels to serve customers more effectively, and
investment etc. provide an enhanced customer experience.
ATMs: Image/face recognition using real-time camera Starting from computerization, the Indian Banking System has
images and advanced AI techniques such as deep learning transformed radically and witnessed a gigantic leap from
can be used at ATMs to detect and prevent frauds/crimes. Paper Banking to Palm Banking. With the introduction of
advance technology like AI in banking arena, there is no iota
In order to provide a sustainable high-level of customer of doubt that the same can revolutionize the way of Banking
engagement, banks need to gain full visibility of a customer's in the days to come. However, looking to the manifestations
history to understand their personal banking habits and of bottlenecks at different juncture, this may take significant
needs. Banks therefore require an integrated enterprise amount of time to reap the benefits of AI in banking and brick-
system that consolidates customer data from all sources, and-mortar banking may still continue for some more years.
from apps and APIs to third parties, which can then use AI
to provide real-time recommendations to increase loyalty, References:
retention, and value. Y www.upwork.com
Y www.reserachandmarket.com
This combination of AI and omni channel decision making Y www.aurigaspa.com
can add value to the overall customer experience.Real-time
Y www.financialexpress.com
transaction analysis is crucial, it enables banks to collate
Y www.livemint.com
data and track transactions at low latency. This not only gives
banks a better view of their customers, it would also give Y timesofindia.indiatimes.com
them the dataset required to apply AI and deep learning to Y Report2018.World Economic Forum. T
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