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Banking Sector to Develop New Relationships with Its Customers through Artificial Intelligence

Press Release   •   Aug 16, 2017 05:06 EDT

The requirements of customers in the banking sector have changed extensively in the recent years. Basnks are looking for ways to leverage the power of artificial intelligence in order to smoothen the internal process and to enhance the user experience along with it. An extensive report on the future of artificial intelligence in banking has been analyzed and put on sale by titled, “The Future of Artificial Intelligence in Banking”.

Artificial intelligence (AI) is expected to bring a dramatic change in the relationship between banks and its customers by improving its functionality and turnaround time. Its implementation is also likely to help in cost reduction. AI has the immense capacity to collect large amount of data to be processed. It would not only save time but would also work in the favor of the companies to detect fraudulence and prevent the data and funds from being shared. AI, with its latest technologies is expected to enhance the front-office and back-office processes. AI can also help in detecting the cases of money laundering and other cases of fraud through its algorithms.
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There are diverse applications of artificial intelligence in the banking sector such as robotic process automation (RPA), natural language processing NLP), advanced data analytics, image analytics, and machine learning and deep learning (MLDL). These applications are anticipated to change the entire interaction process between a bank and its customers. Customers will be able to manage their personal finance with ease, thus eliminating the need of standing in a long queue. This would further make the privacy and profit policies of the banks more flexible. This has been possible because of the complex and hard-to break algorithms used in the process. Chatbots are the AI providing automated chat systems that are widely used in the banking industry. Bank of America is planning to come up with a virtual assistant that would automatically answer the customer queries for improving their financial issues.
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MasterCard and WorldPay are currently leading the race among the top financial sectors, implementing artificial intelligence in their interaction process to add value to their customers. Bank of America, with its newly planned virtual assistant “Erica” is also emerging as the key player in the list of companies. Other names in the league are Capital One and PayPal that has made the usage of artificial intelligence possible. Not just these, but the old financial businesses are also trying to keep up with the new and innovative ones such as Lloyd’s Banking Group and Pindrop which has 147 features that traces the audio waves of the caller similar to the fingerprints.