Page 45 - Banking Finance January 2022
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ARTICLE
language processing to understand and resolve customer Y For example, SBI is working on the Automated Real-
queries. Time Customer Emotion Feedback Exchange (ARTCEF)
system using AI to analyse customers' facial expressions
Banks around the world have adopted versions of their best in real-time. AI can also be used to provide a
chatbots: from Erica to iPal, to Eva and most popular - SBI's personalized payment experience, such as the most
SIA. According to Pazzo (a start-up that developed the SIA), suitable EMIs at checkout based on past payment
SIA can handle up to 10,000 inquiries per second and is one methods, often offering multiple currency cards to
of the world's largest deployments of artificial intelligence customers going abroad. Biometric face recognition
in consumer-facing banking. In this era of technological without AI helps set up ATMs. The card's purpose is to
revolution, the banking sector has witnessed a paradigm use real-time camera images and detect and prevent
shift in its policy from brick-and-mortar to digital banks. Banks fraud at the same time.
are increasingly spending on Machine Learning in Artificial
Intelligence and Data Analytics for personalized and fast 2. Use of chatbots
customer experience to gain tech-savvy and millennial class
Y Chatbots and interactive voice response systems that
benefits.
utilize natural language processing are increasingly used
by banks these days to increase service efficiency. This
According to the PWC Fintech Trends India report , global reduces the cost of human capital, resulting in savings
spending on artificial intelligence hit $ 5.1 billion. IHS
to the bank. Customer satisfaction also increases
Markit's "Artificial Intelligence in Banking " report predicts because they are able to get their homes comfortably
that spending will rise to $ 41.1 billion and reach $ 300 billion
without having to visit the branches - saving them time.
by 2030. It shows that artificial intelligence has reached the Chatbots can be improved in the future to announce
point where it becomes affordable and efficient for
new offers to a customer, such as loans, or alert
implementation in financial services. The challenge now is
to explore more ways to harness the powers of artificial customers if they have any EMI payments, suggesting
good discounts based on the bank's relationship with e-
intelligence to streamline internal banking processes and
improve customer experience. commerce sites.
3. Data Analytics to predict future results and
Front-end operations of artificial intelligence involve direct
interaction with clients. It includes applications and payment trends:
interfaces, digital wallets, chatbots or interactive voice Y The effortless and fast processing of large volumes of
response systems. To secure the system, analyse fraudulent data enables banks to observe patterns of customer
transactions and generate reports, systematic processing of behaviour, predict future results, and contact the right
large chunks or terabytes of data to improve compliance customer with the right product at the right time. It
makes back-end operations more complex. We will now also helps in detecting fraud and fraudulent transactions
discuss the future of artificial intelligence in each of these
fields.
Features of Artificial Intelligence
1. Improved customer experience
Y Being a key driver of the customer service industry,
customer service is at the forefront of any business. AI
can be used to gain a better understanding of customer
spending patterns, which helps banks to customize
products by adding personalized features. It provides
meaningful customer engagement, building strong
relationships and business growth for the bank.
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