In today’s world, artificial intelligence (AI) is no longer a concept relegated to sci-fi movies. With a range of applications across multiple industries, including banking, AI has become an essential tool for businesses looking to streamline their processes and remain competitive.
So, if you’re a CEO, MD, CIO, or CTO of a financial institution, here’s what you need to know about AI in banking.
Creating Seamless Customer Experiences
Nowadays, customers expect convenience when it comes to banking services - from opening accounts and transferring money to making payments and applying for loans. To keep up with customer demands, many banks are turning to AI-powered tools such as chatbots and virtual assistants that can provide quick responses and automate tedious tasks like form filling. AI-driven automation also ensures that customer service agents are free to focus on more complex queries.
The use of AI in banking has also opened new opportunities for fraud prevention. By leveraging deep learning algorithms and natural language processing (NLP), banks can detect fraudulent activities more quickly and efficiently than ever before. For example, machine learning models can be used to build profiles of customers’ normal behaviors and then flag any suspicious activity that deviates from the norm. This helps banks identify potential cases of fraud much faster than manual processes alone.
Do you want to know the MVP of great banking? AI!
In this super-digital era, it is longer a luxury but a necessity. Hop on the train- the hype is real.
By: Seth Donkor (Chief Technology Officer – Enterprise Computing Ltd.)
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