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To transform the customer experience by enabling amicable, 24*7 customer interaction, the Banking sector is using Artificial Intelligence and witnessing innovative changes. AI is redefining the way the banking sector works and also adopting ways to create value in the world driven by the latest technologies.
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AI is a wide rangeability of digital computers to perform the task associated which typically requires human intelligence. Artificial Intelligence is a versatile science with multiple approaches. However, AI is powered by deep learning, technical consideration and the use of particular tools. Often, Artificial Intelligence revolves around the use of an algorithm. AI involves all those activities which involve a program executing in such a way, which we would normally think is dependent on the intelligence of a human.
Artificial Intelligence is used by the Banks in various channels to save costs and customer identification and authentication. AI is used by the banks majorly
There are different channels (Front office, Back office, and middle office) in the banks where Artificial Intelligence is used-
Artificial Intelligence is excelling at analyzing the frauds. Using AI-based technologies for preventing fraud attacks in very less time is the future of fraud management. AI is helping the banks to stay in compliance with the regulatory aspects and internal policies.
Also Read: How to use AI in Lending
AI also has some loopholes besides its brighter side mentioned above. Some of the loopholes are-
Various banks are getting the benefits and are strengthening competitiveness through AI by-
For improving speed and security, more and more banks are using Artificial Intelligence. It also helps in risk management by monitoring transactions full time and can raise the warning when required. In the banking sector, AI works as a gatekeeper by keeping a check on the occurrence of unauthorized digital access or fraud. To reap the maximum benefits, the management of the Banking sector uses AI as a front gate mechanism to gather customer information, facilitates pattern recognition, collect and analyze data. Additionally AI runs in the background to keep an eye on suspicious transactions, while still allowing human representatives to intervene where needed and allowing them to focus more on inter-personal services.
Also Read: Impact of AI on Financial Service Landscape
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