Artificial Intelligence (AI) is fast evolving go-to technology for companies across the world to personalise experience for individuals. The technology itself is getting better and smarter day by day, allowing more and newer sectors to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and trying to implement the technology in various ways.
The rudimentary applications AI include bring smarter chat-bots for customer service, personalizing services, and even placing an AI robot for self-service at banks. Beyond these basic applications, banks can use the technology to bring in more efficiency to their back-office work and even reduce fraud and security risks.
With enabling technologies to become a lot more accessible and inexpensive, AI is now becoming mainstream, with large enterprises and start-ups looking at different opportunities via its implementation.
“Application of Artificial Intelligence and Machine Learning to different functions within the banking industry has enabled them to offer a far more personalized and efficient customer service. By achieving that, banks have also been able to gain better insights into their customers’ preferences and expectations from the bank. Accordingly, automation of back-end workflows has shown better outcomes.