Finance and banking industry demanding modernization

By CIOReview | Tuesday, December 18, 2018

As all other industries are becoming digitized finance and banking also should go towards for the transformation. The adoption of artificial intelligence (AI) can thrust that transformation.

AI boosts lending: As data today has the ever-increasing rate traditional approaches are not enough for the functions of the lenders. Lenders are coming up with new ways, which include the AI to obtain and analyze the data. Machine learning the subset of AI aid lenders by determining hidden patterns in the data. Also, its able to process huge amounts of data by handling big data.

Robots as a financial consultant: Today financial institutions are using robots as financial consultants. Robots are more capable of handling customers with all the queries and advise any customer according to their needs with accuracy. They are more capable of storing data than any human and able to analyze the complex data without taking time. They save organizations time and money by reducing human intervention.

In the risk management: Predictive analysis tool allows the banking and finance industry to build forecasts for future growth and development strategies. Organizations depend on the forecasts for the decisions of investments. Its necessary for them to get an efficient tool that can minimize errors and the predictive analysis tool can serve as that.

The role of virtual assistant and chatbots: Virtual assistant (VR) offers the customers personalized experience and navigate users through the website or the application with ease. Bots help organizations to perform simple transactions and advise on financial issues. 

Blockchain: The blockchain technology is helping the financial sector immensely. According to the Global Fintech Report, 77 percent financial institution will adopt the blockchain technology within their processes by the year 2020. The technology helps in reducing fraud, providing better customer experience, trading finance, and increasing efficiency.

Embracement of AI in the financial and banking industry provides uncountable benefits. AI helps the sector to be productive, profitable, and competitive.