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Artificial Intelligence as the Future of Digital Banking

November 05, 2021

AI has been a major player in the banking world for years. Initially introduced as automated customer chat-bots, AIs have continued to make strides with their dynamic capabilities that are sure to delight any demanding clientele they serve.

Clients, especially those in this sector and even more so because of how much they rely on accountancy to manage their finances well, welcome any development as it means a better way for them. The ability to have transparency between parties is also highly valued - something which artificial intelligence can help with through the use of technology already present at banks today.

Harnessing the abilities of artificial intelligence will aid a variety of technology in place to mimic human interactions and perform necessary tasks in banking halls. These tasks may include:

  • Account management

  • Funds transfer

  • Bill payment

  • Risk assessment

  • Automating reports and financial documentation

Artificial intelligence, or AI for short is not new to the banking system; as auto-tellers machines and enhanced CCTV cameras are common features around banks. Soon you can look forward to using big data analytics along with machine learning algorithms when it comes time to manage your finances in this fast-changing landscape of ours!

The chatbot will be able to offer financial guidance through personalized advice tailored specifically towards what they need help managing at any given moment which could make all the difference between success & regret later down life's rocky road.

The future is now. Artificial Intelligence has become a part of our lives, and it's here to stay! Machines are taking over jobs that human beings used do in the past- so what can you say about this growing trend?

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As the sophistication of artificial intelligence and intelligent algorithm technologies has increased, they now have the potential to revolutionize traditional banking models and deliver a shift to digital banking which is faster, more agile, and more customer centric. AI has the potential to transform all aspects of banking - from the way we save to the way we invest and spend - making possible a model of banking that is smarter, faster and more customer friendly.

The applications of AI in banking are a $450B opportunity for the banks that take advantage of the digital transformation. See how banks are using AI for cost savings and improved service.

The October Digital-First Banking Tracker® examines how consumers’ expectations for banking experiences are shifting and what this means for loyalty to FIs.