AI APPLICATIONS
How
AI & Machine Learning will Transform Banking & Finance Industry | AI-ML Training | Edureka “ For those larger institutions , AI will play a major role in the way they shape customer journeys and the way customers interface with banks ”
ELLIOTT LIMB CHIEF CUSTOMER OFFICER , MAMBU
Part of enabling a good customer experience is offering a well thought out digital banking solution - yet another area in which AI is enabling change . “ AI and advanced analytics can then produce the insights that will help banks anticipate a customer ’ s next need : how they travel through the app , what offers they respond to , and how they use each service ,” says Alex Kwiatkowski , Principal Industry Consultant , Global Banking Practice at SAS . “ It ’ s like adding GPS to the digital footprint of every customer , to see how they move through their digital world . Roll the data up to analyse major trends , and keep the data at the customer-level to figure out the nextbest action .”
The final and arguably most important avenue for AI in banking is in risk detection and prevention . “ Tools such as AI can help banks monitor for suspicious activity in a very efficient way ,” says Hans Tesselaar , Executive Director at banking interoperability association BIAN . “ It is unrealistic to think a bank would be able to successfully keep its entire network protected with manual effort , alone . Not only would it be capital intensive , but more risks would likely go unnoticed due to human error . AI can help reduce the manpower needed and can also conduct surveillance seamlessly around the clock .”
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