Over the years, technology has played a significant role in helping us achieve things at a faster and more efficient rate. A lot has been saved on both workforce and time, and this is a major improvement in the way we handle business and our lives in general. With this significant rise in the use of technology in every sector, the stakes of people losing their jobs seems to be higher. The banking industry however, doesn’t have any reason to be afraid; instead they seem excited about these new AI-powered systems.
The benefits of artificial intelligence are enormous and we will be detailing some of them in this piece. However, it is important to note that the reason for the introduction of artificial intelligence in consumer banking is to create a better experience and to help correct the discrepancies in the current banking system. The fusion of AI and consumer banking will lead to a very satisfying experience for both the banks that adopt them, and the customers of the bank.
Countermeasures Against Fraud
In the past, keeping a straight record and fighting against money-laundering was quite a daunting task, and many organizations and individuals got away with the crime. But with artificial intelligence, there is a high chance to detect money-laundering and fraud as well as setting countermeasure to stop or apprehend those involved. The algorithms and tools used with AI are what give the security measure that can be used to automatically detect any fraudulent activity.
The beauty of AI lies in its ability to learn and relearn by itself and make necessary adjustments. Once there is no consistency in the pattern of banking operation, the system identifies this change and makes the necessary measures to follow up. With AI, the data that would have taken so much time and effort to collate can be done in just a matter of minutes.
Many companies have started adopting AI, and the results have been impressive. Citibank, for instance, has integrated AI into their system in the form of machine learning and big data to help them detect and protect against fraudulent activities. In the same way, they provide support for all their new and existing customers.
Better Customer Experience
One thing that makes a customer remain loyal is the attention and satisfaction they get from their dealings with a bank. In the traditional method, it is very demanding to keep tabs on all customers and ensure their satisfaction, but with artificial intelligence, this has been made possible. AI-powered systems can create the necessary uniqueness in diversity required for each customer. What this means is that, even though there are so many customers with unique needs, all their needs can still be met in its peculiarity.
AI is developing so much so that the response each customer gets is not generic; they get peculiar resolutions based on their problems or complain. With the use of chatbots, smart voice controls as well as personalized keyboards for mobile devices, the experience is a lot more holistic and easier to work for customers.
The Banking Industry can Save More
According to research, the banking industry should be able to save over a trillion-dollar by 2020 with the adoption of artificial intelligence. Consumer banking in particular, which requires so much, can do more for less. AI can help break the routine of manual labor and bring in some sophistication and improvements. This way, new models are brought to help improve the banking operations, and the banks also have a firmer grip on the activities that are carried out.
When it comes to cost, the amount spent to maintain teller transactions and ATM transactions are much more than what it takes to perform mobile deposits. Imagine the entire amount that can be saved and the rate at which the costs can be reduced with such integration into the banking system.
With AI-powered banking, consumer banks can provide their customers with new and competitive experiences. This is a good ground to create new and exciting services to their customers to make sure they are retained. Another thing with banks that support AI is that they can think of different problems faced by consumers and provide ground-breaking ideas such that no bank has ever adopted and become leaders in the banking industry.
Artificial intelligence helps banks to come up with more innovative ideas to better the quality of banking. With AI more informed choices and technology can be developed to make banking an enjoyable experience for all customers.
In conclusion, consumer banking has and will still be affected positively by the introduction of artificial intelligence into their existing systems. The list we have provided above is not exhaustive, but they are just a few of some of the amazing and interesting things you can achieve with AI in the banking industry.