Artificial intelligence has become an integral part of technological development. It has changed all the spheres and markets and the finance industry isn’t an exception. Luckily, people are no longer expected to go to a bank establishment to conduct any financial operations. Indeed, we are capable of settling all possible issues with the help of our devices and banking applications.
The development of a banking system
During a few decades the finance industry has adopted all possible technological advances for enhancing the quality of the services rendered to clients. An essential step was made in 1960 by introducing ATMs, 10 years later card-based payments appeared.
The beginning of the 21st century has been marked by the adoption of round the clock e-banking. The real breakthrough for the banking industry was caused by the development of mobile apps.
The vast majority of people may not even know that AI influences all spheres of our life, however it is a fact. Thanks to it, a lot of complicated processes can be automated. It is entirely beneficial for bank owners, customers and working staff.
The influence of AI on the banking establishments
The advantages of applying artificial intelligence to the finance industry are multiple. Currently it helps replace some tasks performed by personnel with machines. In such a way a bank owner can save money and increase the performance, speed and quality of the rendered services.
Moreover, due to increased personalization of many processes, the number of errors and flaws reduces significantly. It can be explained by the fact that machines, unlike people, are precise and accurate. Banks that do not acknowledge the importance of AI and do not want to be so called “AI-first” can be easily overtaken by their competitors in the nearest future.
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What risks banks without AI support stand?
Because of Covid-19 pandemic the popularity of online services has increased significantly. Firstly it was caused by a strong necessity, but now online services are appreciated for their convenience. Consequently, people’s requirements have risen and now they opt for sophisticated services supported by AI.
Moreover, AI provides better security. Due to the ability to collect and analyze data in real-time, the system can quickly detect suspicious and unusual financial activities. To avoid identity theft or money frauds it generates personal questions and blocks accounts if needed. That is why banking establishments that oppose applying AI, will seem nor reliable at all.
It is essential to understand that the sphere of AI implication is various. It is used for some robotic processes, virtual assistance and conversational tools for providing customer support. Chatboxes are a great example of it. They provide 24/7 assistance and answer clients requests and problems. In such a way the bank owner doesn’t have to hire personnel for performing these tasks and can save money for more urgent issues. And well, if there is a choice between fast and convenient banking services supported by AI and not so good ones, clients will definitely opt for the first variant.
What might the AI-bank of the future look like?
The progress in the finance sphere over the last few decades is obvious, however it is not the end of its development. Since the clients’ requirements become more and more sophisticated, so do the services rendered by banking establishments.
In the nearest future AI will provide customers with intelligent recommendations concerning some pivotal financial actions. (Precise data and advice for stockholders, for example.)
Moreover, services are expected to become more personalized. It means that the services will be rendered timely, relevant and with an accent on client’s behaviour patterns and preferences.
The number of automated processes will considerably increase. If now some critical issues can’t be settled by technics and the analyst’s help is crucial, in future the human role will decrease. It will result in minimal errors and flaws, because machines unlike people are not influenced by weather conditions, health problems or any other unpleasant aspects of life.
The number of financial transactions which may be done within a second will increase. Consequently, clients will get desired results much faster. New functions and features will be launched in just a few days or a week. AI is expected to foster cooperation between clients, partners and bank owners. Thanks to this the data exchange will be improved, and all drawbacks will be settled extremely quickly.