AI in Banking Sector: With increasing customer base, millions of transactions happening worldwide, and never-ending customer queries, the banking sector is taken by storm with a massive workload. Particularly, managing the huge amount of data, with the existing legacy applications, is easier said than done. Employees are forced to do a myriad of repetitive manual tasks for data analysis and data collection. For instance, for a single credit card approval, most banks almost take a week to issue the credit card; this is mainly due to the manual documentation and verification processes. This is not only decreasing productivity but is also time-consuming. Moreover, for humans, handling this vast amount of data without any error is totally out of the question. What is more, is the prolonged time consumption even for a single customer query. So what should the Banking sector do?
Enter AI in Banking
With its quick data collection and data analytics capabilities; AI is carving a niche in the banking arena by automating task management, minimizing human workload, and instantly solving customer queries, establishing peace in the banking sector. Organizations from startups to blue-chip companies are now lining up, to harness the power of AI in banking and keep pace with the digital transformation. Let’s see some of the significant changes with the inclusion of AI in banking.
Unrivaled Customer Service
Chatbots and virtual assistants, the brainchildren of AI, are now ushering in a new possibility that defies imagination. By recognizing the context and emotions of the customer, chatbots can imitate human behavior and promote engaging conversations. With customer data in hand, chatbots can also generate an instant response for any customer query with high accuracy promoting customer reliability. With that said data, they can also give personalized recommendations promoting a meaningful journey for the customer. For instance, a customer conversing for blocking a missing debit card can be informed about the special features based on that particular individual financial budget, whether he is qualified for applying credit card or loan and more. Best of all, remember that these virtual assistants can be made to work for you 24/7 every day without having to worry about labor lawsuits.
No More Mundane Tasks
With AI’s automation and simplification of tasks, banking has become much faster and provides customers a smoother and happier experience. Bankers no longer need to check and verify every single document for approval of credit card, loans, and funds. Moreover, with AI in banking data collection and data analytics is no more a complex task; it can even combine huge datasets of customers and give a detailed report on customer’s financial activities. This has not only reduced redundant tasks but also improved decision-making and enhanced customer satisfaction. Additionally, with AI in the Banking arena, it establishes a fair-play between the customers and employees in case of credit card or loan or fund approvals. No more bias treatments bring the right document; get the right service.
Mobile Banking on the Go
With AI in banking, mobile banking has been brought to a new level; customers no longer need to visit banks for simple tasks. Everything is accessible with a simple tap or touch. By analyzing the customer’s personal data, AI can provide tailored solutions for customers. For instance, if a customer wants to buy a car, the chatbot or virtual assistant can forecast the expenses and generate an accurate budget report for the customer. Furthermore, AI can now recommend customers a customized investment plan or funds that can benefit them. On the flip side, with AI in banking, it also allows bankers to identify customer’s particular interest and give recommendations based on that.
Rebuilding Customer Trust
Establishing customer trust is the topmost priority for banking sector, and AI is fast becoming a great asset in the realm of digital security. Artificial Intelligence, well known as the first line of defense in cybersecurity, can not only detect cyber threats but can also detect patterns using machine learning algorithms. With AI in banking, bankers no longer need to fret about cyber attacks and cyber threats. Of late, AI-driven security measures are proving to be a bane for hackers and the banking sector is heaving a huge sigh of relief.
AI in the years to come
The changes and processes that we are witnessing now is only the tip of the iceberg. With more organizations setting up innovation centers to unleash infinite potential of AI in banking, we can expect newer, better, and awesome features to come out of these innovation labs on a daily basis. The future is looking more secure, more comfortable, and more intuitive with the advent of AI in our daily life.
At PreludeSys, we specialize in planning and executing the Digital Transformation strategy of our clients, and AI plays a big part of our DX portfolio. We enable AI for our customers by leveraging Microsoft Azure’s entire suite of AI stack that includes Azure Bot Services, Azure ML Studio, Azure Workbench, and Azure Cognitive Services. To learn more about our Digital Transformation offerings, Talk to Us!
