7 Ways Artificial Intelligence is Changing the Banking Sector

Technology has spoilt us big time; we are so dependent on it. From home to business we want to make everything automated to make our work easier.  Technology is banishing the traditional ways and taking all over, it has become the heart of our lives. To leverage maximum profit, it is important to form transformational strategies around the advantages of technology. Technologies are doing great in every sector leading to productive growth with an ease.

Coming to the banking sector, it took time to adapt the technology compared to others. It is because of the dependency on the human involvement in this sector. Technology is helping out in cutting down on repetitive tasks.  Artificial Intelligence, cloud computing, the blockchain and digital dashboards are helping in creating a stronger system to work on, by making the processes problem free.

Below are the Seven areas of Artificial Intelligence technology in Banking and Finance,

1. Digitization

Digitization has made the lengthy process of banking easier, which used to affect the productivity because of series of past records and lazy responses. This created a comprehensive platform for consumers and providers to connect well as digitization of documentation has already reduced the pain which was not the case before.

2. Data based Artificial Intelligence applications

A large amount of data can be analyzed effectively with the help of applications installed in personal robots, end-user devices and the financial institution which also helps with projections, predictions and implementing customized financial advice. The financial plans and strategies can be acquired by these applications through research, about loans, rates, tracking the progress and also with customized investment opportunities.

3. Blockchain

Banks based on customers are going through major changes that operate from the preferences to the buying behaviours of the customers directed by social media and mobile. The blockchain is established to implant the advantage of the payment process, which speeds up the procedure of payment, through enhancing assistance and satisfaction.

4. Personalization

Personalization of financial services will be helping customers in making better financial decisions through automated financial planners and advisors. They offer suggestions about stocks and bonds after analyzing the market structure against the user’s financial purposes.

5. Digital Wallets

Digital wallets are becoming the future of payment technologies with apps like Apple, Paypal, Google Tez, Paytm and others which are leaping on their on gateways. This reduces the dependency on the physical cash with boosting the reach of money to the higher levels.

6. Voice Assistance

Voice Assistance is leading to gradually fade off the physical presence, as technology is enabling the customers to use banking services with touch screens and voice commands. Interactive Voice Response System (IVRS) helps in processing requests in order to the answer the questions, connecting users with various banking services and provides the required information. This reduces errors which used occur because of the human.

7. Customer support

In an attempt to enhance the customer experience and set themselves apart, most of the banks are building customer-centric cultures with the advancement of machine learning, Natural Language Processing, and cognitive computing. All these are important for banks to make customers happy, avoiding waiting lines in the bank in the coming future.

Conclusion

Artificial Intelligence is driving the envelope of innovations and transforming the way customers are assisted. Artificial Intelligence is working on providing personalized support, high-quality customer experience, speed & efficiency and cost saving.

 

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