Disrupting Traditional Banking with Artificial Intelligence

Disrupting Traditional Banking with Artificial Intelligence
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Thanks to the recent advancements in the digital scenario; innovation has become an inherent part of everything around us. From buying groceries to booking a movie ticket, we see application of smart technologies in almost every sphere.

Artificial Intelligence (AI) doesn’t need introduction, at least not since Google showed us how we can use it in real-time. And at present, biggest sectors like Banks as well are using AI even in their daily operations.

Today, with the approval and acceptance of the biggest banks in the world, AI has found its way into large operations as well as mainstream banking. Check out some of the core applications of artificial intelligence in banking sector and how it is reshaping the future of banking.

Analytics and Planning

Banking sector is one of the biggest in terms of reaching the masses. More than 61% people from the global population have bank accounts and they need it almost every day for remittances, queries, complaints and more. Customers also apply for loans & sanctions and on-demand payments. Think of the data that is generated each day in a single branch. To analyse, process and manage this pool of data, AI comes in quite handy, saving bankers the hassles of dealing with this data. Once the data is transformed into output, it is used for financial planning and funds management.

Tailored Banking Services

These days it is common to receive pre-approved loan sanction notifications on your smartphone when your bank account is affluent with money. If you think there is an executive sitting on a desk checking everyone’s bank accounts to analyse your income and spending patterns, in this day & age, you couldn’t be more wrong.

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The Automated Intelligence used to analyse and sort huge chunks of customers’ data creates user-specific reports that are then used by AI integrated apps or SMS banking utility to send out tailored notifications.

Robotics in Banking

Since the advent of robotics, at least a small number of people are done & dusted with daily chores. Banking sector, however, gave the masses a different taste of AI & robotics through next generation banking; not to mention a robot is basically AI in flesh.

Some of the banks in India as well have got their feet wet in robotics, by due adopting the same. In 2016, India’s first banking robot ‘Lakshmi’ was launched by City Union Bank, which is capable of communicating with the customers on 125 varied subjects. Another banking robot ‘Ira’ was revealed at an event by HDFC’s country head for digital banking, Nitin Chugh. Ira can easily handle customer queries and questions related to banking sector.

Voice-assisted Banking

Voice-assisted banking is relatively new and not many are aware of it; but thankfully, it is not a concept anymore. In this form of banking, AI collects voice-input from a customer, processes it, and converts it into command that serve carries out the intended task.

In 2017, Spanish bank ‘Sartander’ launched its voice-assisted banking feature, which allows its customers to check balance, make enquiries, remit money and much more; just by speaking to Siri on an iPhone.

AI in banking is a game-changing step, and more and more banks are integrating their systems with AI technology. Don’t feel left out. Integrate AI into your banking and financial services with our AI development company USA.