Banking & AI

AI systems are being used to review financial transactions to detect fraudulent activity, assess credit scores with greater accuracy, and automate tasks requiring manual data input and data management.

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Areas

Reduced Operational Costs & Risks

The banking industry is largely digital in operation, but it is still riddled with human-based processes that sometimes are paperwork-heavy. In these processes, banks face significant operational cost and risk issues due to the potential for human error.

Improved Customer Service

There's a reason people derided banking hours. Banks never seemed to be open when you needed them most, such as later in the day or on holidays and weekends. Call centers of yore were notorious for long wait times and operators, when finally engaged, often couldn't resolve the customer's issue.

Improved Fraud Detection

Fraud detection is an area where machines are "genuinely superior to people," Bennett said.

"They can crunch vast amounts of numbers, applying different algorithms. They don't make mistakes, unless they're badly programmed," she said. Humans have a habit of making mistakes, especially with repetitive tasks."

Automated Investments

Finally, some banks are delving deeper into the world of AI by using their smart systems to help make investment decisions and support their investment banking research. Firms like Switzerland-based UBS are having AI systems scour the markets for untapped investment opportunities and inform their algorithmic trading systems.

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AI driven future

AI will not only empower banks by automating its knowledge workforce, it will also make the whole process of automation intelligent enough to do away with cyber risks and competition from FinTech players. AI, integral to the bank’s processes and operations, and keeps evolving and innovating with time without considerable manual intervention. AI will enable banks to leverage human and machine capabilities optimally to drive operational and cost efficiencies, and deliver personalized services. All of these benefits are no longer a futuristic vision to accomplish for banks. By adapting AI, leaders in the banking sector have already taken actions with due diligence to reap these benefits.