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AI in banking: Is artificial the new normal?
How AI can change the face of FinTech, and the on-going value of human employees
Many brands and have woken up to the potential of artificial intelligence (AI), and with investment
ramping up, machines and algorithms will be an even more common sight in financial services.
Personalised experience
Embracing AI in banking allows employees to add increased value within their roles, focusing more
on relationships and creativity, and in turn create more efficient processes. Customer services could
see a movement towards automation, as the repetitive, human-error-prone processes are handed
over to AI and automation while the people focus on more value-adding and more complex jobs of
enhancing the relationship between company and customer.
AI can also help financial institutions tap into the wealth of data at their fingertips. As well as
collecting and sorting data, companies can use AI to make more accurate decisions, identify risks
quicker, and better understand their customers, bringing the personal touch back to big business.
Automatic assistance
Chatbots are becoming more and more sophisticated, and their usefulness in customer services is
becoming increasingly clear.
Instead of picking up the phone, making their way through menus, and then waiting on hold just to
ask someone a few simple questions, customers could simply head to their favourite messaging app
and speak to a chatbot. This lets customers connect with brands using the channel of their choice;
and gives them access to quick, easy answers to simple questions, so that staff are freed up to focus
on the more complicated queries and building deeper customer relationships.
Chatbot interactions will also produce more accurate data on why our customers are getting in
touch, which brands can use to better identify common problems and develop solutions.
Reducing costs, and risks
As well as deepening customer relationships, AI in FinTech also has the potential to improve security.
Telephony services can make use of speech-recognition technology to verify the caller’s identity, but
AI, in particular Machine Learning, can be used in real time to prevent fraud.
Fighting for a fraud-free world of payments, start-up Fraugster created an AI-based solution that
predicts and prevents fraud attacks before they’ve even happened. Staying one step ahead of the
criminals, every transaction sent through them is enriched with thousands of data points, allowing
the AI engine to better track user behaviour and predict fraudulent attacks in advance.
Prepared for the next step
AI has been something of a hot topic in the world of sci-fi, with the themes ranging from the
uncomfortable to the apocalyptic. The real world hasn’t progressed that far. However, as AI
becomes more capable, the onus is on the financial services industry—indeed, on every business
introducing AI into the workplace—to make sure that they deploy AI in sustainable, intentional and
responsible ways. That means thinking carefully about the speed at which AI is deployed, the roles it
takes on, and how employees can continue to add value. Where appropriate, that means putting
measures in place to re-train or re-deploy employees. Businesses must be proactive when it comes
to AI, as its impact will be as wide-ranging as it is inevitable.