How AI can be used in Banking Sector?

Posted by aitechservices on May 9th, 2019

Artificial Intelligence is driving disruptive transformation across various industries, including banking. Despite banking being an emerging technology adoption, AI has slowly made its way into a number of banking processes, that is drastically reducing the manual intervention in processes, driving intelligent automation, and improving efficiency by implementing automated decisioning.

Rise of AI in Banking

The rapid process need, robustness, risk management are some of the features that offers AI a huge scope in the banking sector. Though AI has given a range of applications in banking, it remained unrecognized. The virtual assistants and chatbots have revolutionized customer services and business communication.

How AI Enhances Customer Services

In case of the banking and finance sector, millions of transactions can be done online irrespective of place and time. We can make that in automated processes and other applications by the integration of AI in the banking system. The main role of AI in the banking domain is to improve customer service. The Automated AI-powered customer service can serve this purpose with ease.

Virtual assistants and chatbots have transformed customer services and business communication. Right from instructing the people in performing daily tasks to giving them a personalized experience, virtual assistants and chatbots have many applications. Some retail banks add a customer service chatbot to their mobile banking app so that their customers can get help easily and can also navigate through the app. Through this chatbot, Customers can able type or speak questions regarding banking services. These include checking their balance across various multiple accounts, about the requirements of loan approval, and how to get or cancel a credit or debit card.

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