Artificial Intelligence can delivery immense benefits to your financial institution and ensure your bank remains competitive. A report by Financial Express, highlighted 8 use cases of AI in Banking:

 

1. Financial Services Customization

Computerized Financial Services manager tool help to keep track of stocks and bond prices, user expectation and advice on the time to buy or sell.


2. Intelligent Wallets

Artificial Intelligence is transforming the future of digital payments. With the advent of Digital wallets, customers are now able to make swift and secure payments.

3. Insurance

AI enables Platform processes to be computerized and ensure in-depth details are provided for informed decisions.

4. Speech Platform Banking

Customers issue voice commands to access banking services than touch screen. The platform support automated responses, search functionalities and notification of banking services.

5. Analytics for informed decision

Analytics solutions help users to take wise decisions by analysing vast amount of data to discover patterns and trends of previous and present financial decisions against future forecast. They also assist in mentoring performance.

6. Customer Assistance

The evolution of speech processing technology will enable automated management of customer enquiries putting an end to queues, resulting in delighted customers.

7. Informed Management Resolution

AI provides data driven machine interaction platform where management can interact with machine to receive response for informed decision and prompt implementation. 

8. Combating Crime and Fraud reduction

Bank customers are always at risk of being exploited by cyber criminals. E-security firms continue to provide enhancements however; swindlers continue to be more sophisticated. AI solutions are able to monitor interactive patterns in real time and provide notification.