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ARTICLE

the artificial intelligence .This quick response has helped the Y It helps in the movement of large cash inflow and out
customers to built their trust with the bank as well as it helps flow.
the bank to retain their loyal customers. Y It helps in dealing with cashless transactions from any

place and at any time
This helps banks to identify fraud, detect anti-money
laundering pattern and make customer recommendations. Y It reduces the cost of transaction for the banks.
Money launderers, through a series of actions, portray that Y It strengthens monitoring of financial transactions and
the source of their illegal money is legal. With its power of other banking activities.
Machine Learning and Cognition, AI identifies these hidden Y It helps in implementation of Government's schemes
actions and helps save millions for banks. AI has enormous
and policies.
ability to detect and minimize banking frauds. It reduces
fraud and financial crimes by monitoring behavioral patterns
of users for any kind of abnormal changes or anomalies. The Role in Marketing:
tool that is used for AI gets smarter and smarter day by day. Artificial intelligence (AI) in marketing is a very powerful tool,
In other words AI has developed a better immune system it allows marketers to crunch huge amounts of marketing
in banking sector to resist and fight with the fraudulent and data analytics from social media, emails and the web in a
suspicious activities. relatively faster time. Moreover the insights they get in a
shorter time frame will help marketers boost campaign
Vaticination of future outcomes and performance and return on investment faster. This gives
marketers and businesses more time to focus on other
trends: quality important tasks. Some of the major contributions of
AI has the power to predict future scenarios by analyzing AI in respect of marketing are enumerated here under-
past behaviors, it helps banks predict future outcomes and Y Gain a deeper understating of customers.
trends. AI is able to detect suspicious data patterns easily Y Optimize digital advertising campaign.
among humungous volumes of data to carry out fraud
management. Further, with its key recommendation Y It Boost cross-selling rate by using customer journey
engines, AI studies past to predict future behavior of data analytics.
points, which helps banks to successfully up-sell, cross-sell Y It facilitates identification of future outcomes.
and also for other financial activities.
Y It cushions marketers to track the performance of their
content on a real-time basis.
Digitalization:
Y It helps in deciding what content to fashion and when
While it is understood, the growing customer's demands
to distribute it.
have forced banks to embrace digitization, build easy to use
simple user interfaces, and offer better customer support Y It predicts customer behavior and identifies and
integrating bots & human interactions; a lot more can be nurtures the needs of the customers.
done to further enrich a customer's relationship with a bank. Y It guides in developing customized products and
Artificial intelligence is widely perceived as a catalyst that services.
could help the banks strengthen relationships with their
customers. Enhanced Digital Advertising:

AI provides numerous benefits in the form of reduced In the present era of banking, it is one of the biggest
operational costs & improved customer relationship by using challenges in our banking industry to deliver effectual
digitalization in banking industry like- advertising for their strong appearance in the market. Digital
Y It helps in enhancing customer experience. advertising is routed through various online and digital
channels. It leverages mediums such as emails, social Media,
Y It is time saving for both the customers as well as the
bank. mobile applications, search engines and websites to display
advertisements and messages to the suitable market by using
Y It helps to improve accessibility to information. AI as a catalyst. It will act as a powerful mechanism to bring
Y It helps to reduce the human error or as risk mitigator. about a drastic change in the way business advertise their

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