Five Application Scenarios of AI in Banking

are projectedare making use of this technology


AI-powered chatbots

Chatbots are AI-enabled conversational interfaces. This is one of the most popular cases of applying AI in banking. Bots communicate with thousands of customers on behalf of the bank without requiring large expenses. Researchers have estimated that financial institutions save four minutes for each communication that the chatbot handles.


Since customers use mobile apps to carry out monetary transactions, banks embed chatbot services in them. This makes it possible to attract users’ attention and create a brand that is recognizable in the market.


Bank of America


CebaCommonwealth Bank


Mobile banking

Royal Bank of Canada


Thanks to AI, banks generate 66% more revenue from mobile banking users than when customers visit branches. Banking organizations are paying close attention to this technology to improve their quality of services and remain competitive in the market.


Data collection and analysis

Banking institutions record millions of business transactions every day. The volume of information generated by banks is enormous, so its collection and registration turn into an overwhelming task for employees. Structuring and recording this data is impossible until there is a plan for its use. Therefore, determining the relationship between the collected data is challenging, especially when a bank has thousands of clients.


There used to be the following approach: a client came to a meeting with a bank employee who knew their name and financial history and understood what options were better to offer. But that's history now. With the wealth of data coming from countless transactions, banks are trying to implement innovative business ideas and risk management solutions.


AI-based apps collect and analyze data. This improves the user experience. The information can be used for granting loans or detecting fraud. Companies that estimated their profit from Big Data analysis have reported an average increase in revenue by 8% and a reduction in costs by 10%.


Risk management

According to statistics


AI-powered systems can appraise customer credit histories more accurately to avoid this level of default. Mobile banking apps track financial transactions and analyze user data. This helps banks anticipate the risks associated with issuing loans, such as customer insolvency or the threat of fraud.


Data security

theFederal Trade Commissionreport


ABI Researchestimates


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Conclusion

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Andersen is a software development company with a full cycle of services. For over 13 years, we have been helping enterprises around the world to transform business by creating effective digital solutions with the use of innovative technologies.
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