We always keep hearing that robots or machines will replace human, and our workplaces will change dramatically. The fundamental truth is that it will, and we have an opportunity to start planning for that, but, like anything else, it’s unclear exactly when the tipping point will be.
Artificial Intelligence is one of the most trending topics in today’s date. It is the way of enabling a computer software to think intelligently in a manner similar to that of humans. In technical terms, it is an integrated solution of Machine Learning, Data Science, Data Mining, Predictive Analytics, Multi-agent Systems, and fast & reliable computation.
The current trends in financial institutions are increasingly using AI and Machine Learning to assess credit quality, price and market insurance contracts and automate client interactions in a wide range of applications across the financial sector. Financial services increase their profit by contacting app development company to develop their own app including with AI and Machine Learning techniques. Both public and private sectors may use these AI and Machine Learning technologies for regulatory compliance, surveillance, data quality assessment, and fraud detection.
AI and Machine Learning in Financial Services:
Let’s go back to the user experience you had the last time you were at the bank. Or maybe that conversation you had with that Chatbot that wasn’t so smart and was just too naïve to be involved in a conversation with. These are the pain areas where artificial intelligence may play a significant role. Not only that, on-call support in banks is another channel that can be optimized with Artificial Intelligence and Machine Learning to forge a better, consolidated query system to resolve queries regarding balance enquiries, funds transfer, loan enquiry and more.
The current applications of AI are limited to an elementary level, but with the current growth rate in AI technologies, we would be able to handle advanced queries and functions in the banks. There are certain operations in banks such as opening an account, KYC registration, processing a loan, and resolving complex complaints etc., that demand more than just interfacial customer information. In order to automate these operations, more advanced versions of AI applications are under R&D and will arrive soon. Once acquired, these applications will be able to offer 24×7 customer care unlike existing customer care systems that either have time deadlines or need twice or thrice as much as the existing number of executives to work in shifts. In this regard, AI can empower an organization to cut costs by removing the excess support executives.
Another one among the applications of Artificial Intelligence is Voice Recognition. AI integration will allow us to stay authenticated during the verbal conversations in real-time, ensuring unbeatable security the whole time, and this happens with such transparency that it leaves no scope of leaks and frauds at all. And this would make it possible for AI and Machine Learning technology to drive an even deeper and more fundamental shift in banking.
We can see that AI will bring together a number of services like Machine Learning, Deep Learning, Analytics and more. Companies are already making extensive use of Machine Learning to drive efficient business processes.
If we look at the top players in the field of AI, we will find that enterprises like Google, Tesla, Amazon etc., have already played a hand in the same, and have developed services that are already greasing up our schedules in ways uncountable. Some of the digital developments, which can readily be used in the financial sector, that these enterprises have pioneered at are:
- Natural Language Processing and Speech Recognition for queries
- Image Recognition for Biometric Identification
- M2M Integration to create a seamless flow of information in the system.
- Internet of Things integration to anticipate risks in all formats
And many other ways, which when brought together could knit a tight-packed digital infrastructure for Banking & Finance sector.