The role of Artificial intelligence (AI) in various fields is expanding at encouraging speed making the work process more efficient and secure in terms of data transfer and personal account or details accessibility by the end-user.
Banking and finance are some of the most important sector of an economy where such intellectual technology is required to improve the overall service while preventing fraud and illegal transactions. Artificial intelligence in banking is already integrated into various services helping financial institutions provide better service to their customers. In this respect, we brought the list of five ways how AI can help in the banking and finance sectors.
Increased Customer Experience and Engagement
Using the AI-backed virtual customer support like Chatbot through multiple devices, banks are in a better position to interact with their customers. Online searchers looking for any services visiting on the bank’s website are personally assisted by the AI-enabled chatbot apps that help customers to get the right services without wasting their time and efforts. These chatbots also increase customer engagements with quick answers and multi-device accessibility.
Fraud Detection with Real-time Action
Banks and financial companies are using AI-backed fraud detection techniques to prevent suspicious transactions through the bank’s customers. Any kind of unusual transaction by an unauthorized person can be detected using this technology that can monitor the historical transaction and fund management pattern and history of a customer to figure out if any kind of odd transaction is done by unauthorized users.
Data Analysis and Online Behaviors of Individuals
The patterns and behavior of various people using bank accounts for various transactions can be used as a machine learning training data to find out how people spend their income and where they invest money. The data analysis of customers’ behavior helps banks and financial companies to offer more customize and suitable financial products with better prospects of attracting new customers and maintain their market leadership.
Improved Efficiency Leading to Millions in Cost Savings
Artificial intelligence in the finance and banking sectors is allowing the work-flow with better efficiency at the same time saving their cost at large scale helping them to operate with better profit margins. AI-backed chatbots and automated data analysis or fund management of customers are saving the cost of banks while improving their overall efficiency. Automated systems and applications are more economical than human-operated services.
Improved Algorithms for Better Wealth Management
Wealth management or fund management is another sub-field into the financial sector where AI is playing a decision making role with promising results. AI-backed models or software can fetch real-time data gathered from various financial resources and analyze the same with a precise prediction as per the sentiments of the traders or investors helping fund managers to manage funds in a better way and give the better returns to their customers.
Apart from these five major key areas, AI is playing an important role in day-to-day banking transactions making the overall financial system more efficient. And with more secured financial services and secured transactions, banks will be able to focus more on their other key areas and operate with more interactive services providing customers a better platform to do fulfill their financial needs in a hassle-free environment. Further with high-quality machine learning training, data will help this sector to improve its services and make it available at a lower cost.
To make the AI and Machine learning role more powerful in the banking and finance industry, more accurate and quality training data is required for machine learning engineers. Cogito is one the well-known company providing high-quality training data for machine learning and artificial intelligence oriented model developments. Cogito is specialized in image annotation, data labeling with a wide-spread service offering in other fields like data collection/classification, sentiment analysis, chatbot or virtual assistant training data, ML model validation, transcription services, and content moderation services for various companies and industries.