How Artificial Intelligence Is Changing The Banking Sector

Posted By Vidushi Vij | 29-May-2018

Artificial intelligence changing the banking sector

Artificial Intelligence has become the heart of almost every industry now. From last few years, the artificial intelligence has helped the banking sector to improve a lot. The time might come where we will be going to robots for the financial advice or who know robots might replace the employees. All thanks to the improving technology. There was a time when e-banking was limited to only those people who were good at technology, now it’s not a choice anymore. The banking, payment methods are quite incomplete without the online portals. It would not be wrong to say that Artificial Intelligence is one industry that is shaping the future of Banking sector. 

 

Few interesting changes with AI:

  1. Facial recognition to log in to bank apps
  2. Voice commands to know your current balance
  3. Lets you pay bills online
     

The next question that arises is what is the purpose of all this? The aim is to improve the overall customer experience. According to the future prediction, AI will soon dominate the “customer intelligence”. 

 

Areas where Artificial Intelligence technology is used in Banking and Finance:

 

Payments:

Making payments have become easier now with the launch of digital wallets. Digital wallets have up the game of banking sector. There are lot platforms that have made the payment gateways for the customer such as Google, Paypal, apple and many others. 

 

Voice Assistance:


A lot of traditional things are changing with the evolving technology. Customers can now use bank services with the voice commands instead of going to the banks. By using AI it is possible that you will get answers to all your queries, find information, know your bank statement. This helps in saving you time and money. 

 

Also Read: How Artificial Intelligence Is Changing Content Marketing


 Use of Artificial Intelligence is not new in the banking sector. Earlier they were used to detect frauds and suspicious activity. Now their work is increasing to emotional intelligence, natural language processing, logical reasoning, mobility and much more than you can even imagine. Not only that, AI can give you the best investment advice than human beings. There is still a need of a lot of improvements in the banking sector with the use of Artificial Intelligence. Investing in the right Artificial technology is very crucial for the development in this field. We can all wait to see how AI will ultimately enhance the customer experience in the banking sector. 
 

 

 

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