AI: The Game-Changer for Banking

By CIOReview | Friday, June 15, 2018
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Artificial Intelligence is the technology that today performs tasks that normally require human intelligence like visual reception, speech recognition, and decision making. The new technology is getting implemented in multiple industry verticals, one of them being the banking industry. The consumers check their balances and set up direct debits with the help of the financial services that are available, in just a few clicks. AI is being frequently used by banks to provide a personalized and seamless customer experience. The technology is set to change the employment landscape—a research firm has predicted that 2.5 million people in the financial industry will be impacted by AI quite soon. 50 percent of them are expected to be in the banking sector. Another report claims that jobs might increase if companies can leverage AI well.

Some financial institutions have been investing in AI while other companies are also putting it to good use with the help of other new technologies like big data and cloud computing. Machine learning with a variety of applications concentrate on algorithms and catches patterns which helps it to learn. AI can take care of the redundant tasks which do not need the help of any effort from humans. This helps banking institutions to concentrate other important activities and work on improving customer experience. It appears that the entry-level posts can get eliminated and be replaced by technology.

Chatbots that has AI are also being implemented to provide better service, increase the efficiency of the management as well as personalization of banking. The popularity of chatbots is already a major success with consumers that are tech savvy. With the personalization function in banking, the approach has allowed the users to understand the finances very effectively.