Page 28 - Banking Finance April 2022

ARTICLE

experience by extracting meaningful insights from raw structured and unstructured data and serve it up to
sets of data. customers and bank employees through simple
Y Robo Advisors- Using ML, Robo-advisors provide interfaces.
automated, algorithm-driven investment services Y Algorithmic trading- Computer cognitive system
by analysing data shared by the customers. can speed up information integration, enabling
more appropriate trade recommendations based
Y Customer Recommendations- ML tools can
on the latest information and market conditions.
generate simple algorithms, which analyse and
filter customers' activity to recommend them the
most relevant and precise items. AI Enabled Chatbots
A tech-platform designed to understand and learn like a
human and answer queries in real time is commonly termed
to as a chatbot. The main purpose of chatbots in banking is
to provide better customer experience. However, they also
support the staff and prevent stressful situations that arise
from direct communication with clients. Artificial intelligence
may support customers in several ways. The most common
use scenario for chatbots in bank customer service is the
automatization of repetitive routine tasks. Other activities
handled by chatbots are:
Y Welcoming customers
Y Registering complaints
Y Providing the requested information to customers

Y Accepting a payment from customers

Some of the examples of AI enabled chatbots in
the banking industry:
Y SBI has deployed "SIA" (SBI Intelligent Assistant),
artificial intelligence-powered software that has the
capability to respond to 850 million queries a day,
2. Natural Language Processing (NLP)- NLP enables making it the largest-financial sector AI solution in the
computers to understand human language and respond world. SIA is a multilingual chatbot which can respond
accordingly. This involves preparing systems to process in speech or text.
text and speech and interpret the meaning of words,
sentences and paragraphs in context.
Y Chatbots- A chatbot is a computer program
designed on NLP platform to conduct smart and
compelling conversations with users on behalf of the
bank. SIA of SBI, EVA of HDFC bank and Erica of
Bank of America are some of the examples of
chatbots deployed by the financial institutions.
Y AML and Fraud detection- Banks are using
screening solutions integrating NLP to process and
derive meaning from huge volumes of unstructured
data which may be relevant to a fraud prevention.
3. Cognitive Computing - It broadly refers to technology
platforms which take considerable quantities of

28 | 2022 | APRIL | BANKING FINANCE