Artificial Intelligence is shaping the world of Banking
AI is becoming more powerful with the decrease of computational costs, exponential increase in data availability, technology innovation, sharp focus on automation and increasing consumer expectations. Artificial intelligence can improve our ability to recognize patterns in data, learn from experience and improve overtime, predict future events or behaviors, help make good business decisions, enhance communication, find new revenue and cost saving opportunities and reduce risk. AI helps financial institutions take lending decisions based on the insights derived from the data as opposed to taking lending decisions based on the existing assets. Retention of relationships will be stronger as data sharing will be leveraged for improved delivery of financial and non-financial solutions. AI will provide the foundation for increased product and service innovation, which will lead to greater financial inclusion and a more personalized customer experience.
In order to stay competitive the financial institutions like banks are investing heavily on advanced Analytics, AI deployments and Robotic Process Automation. Banks are modernizing the core banking systems, back office processes and integrating with mobile technology platforms and enriching their digital transformation journey. With increase of data availability and partnering with alternate data providers banks are capturing insights on both financial and non-financial behavioral trends of the customers and this enables to banks to predict and deliver personalized financial recommendations to the customers’ real time. The powerful combination of data, analytics and digital are being leveraged to increase efficiencies around operational performance, consumer trends, experience improvements and competitive opportunities.
Finally, Artificial Intelligence is gaining popularity by leaps and bounds and banks are exploring and implementing this technology in transforming the way customers are assisted. So, the future of Artificial Intelligence in banking sector is very bright the aim of Artificial Intelligence is to provide personalized and high quality customer experience and customer satisfaction.
Technical Product Manager @ HSBC | ML-Ops, Model Life Cycle Management
5yWaiting for the day when all banks had transformed fully into AL/ML. There is a business opportunity of creating a museum or “A day in the bank of 90s” giving an experience of how things used to work. Given that most of urbanites are now paying to experience a day in a typical model villages, this too will carve out its own business. I still remember how my dad used to send me to a branch to deposit or withdraw money by completing a form getting a token standing in queue wondering what question the teller would ask and prepare the answers.... What will this gen feel at their 40s as to how banking used to be...
Very True ,Customer behavior's are influenced