The term Artificial Intelligence is nothing but a computer program embedded with aspects of human intelligence i.e the ability to think like human beings. In the upcoming years, AI along with machine learning, data analytics and deep learning would be a
major thing across industries. One such industry that has been revolutionized by AI is the financial sector. Amongst the financial sector, AI in banking will become more prominent given the current situations of Covid-19. AI technology has transformed the
financial sector in many ways such as:
Detection & Prevention of Fraud
Due to innumerable processes, detection of fraud was beyond the ability of humans as there is a gigantic amount of data that needs to be analyzed and interpreted. But analyzing the data by AI to detect and prevent fraud is a small piece of cake.
Risk management
The AI technology is designed in such ways that it can improve the capabilities of identifying risks promptly and prevent the possible losses that would have been caused if the data was not properly analyzed for fraud patterns. This helps financial institutions
in taking informed and less risky decisions.
Customer service automation using AI chatbots
The COVID outbreak has resulted in unavailability of human resources in banking sector causing restlessness among the customers. Nevertheless, with the implementation of AI chatbots in the customer service vertical, the customers can access 24/7 customer
support thereby increasing customer satisfaction and engagement.
Security
A major concern faced by the banking industry is of security. With the increase in the number of customer requests, running a security check on the customer background is impossible manually. The introduction of AI has helped banks in detecting the possible
threats of cybercrimes in the network.
The banks have been put in a difficult position as the number of requests put up by the customers is on the rise. Amid the situation of lack of human resources and their efficiency and capabilities, the implementation of AI has proved to be a boon in optimizing
the trifle customer requests and streamlining the internal processes. The advancement in technology has improved our efficiency to bear crisis while carrying out the businesses despite such pandemic conditions.