Artificial Intelligence in Financial Services
Over the past several years, we have all seen how Artificial Intelligence reshaped everything surrounding us. AI has touched almost every industry, and businesses everywhere have already started to reap the benefits. Financial services is another industry that is redefining their operations, and nearly a third of financial executives have confirmed that their companies have deployed Artificial Intelligence technologies. The reason for choosing a different approach and a whole new set of technologies is that the financial sector needed to increase workforce productivity and identify opportunities in data that otherwise would have been missed.
By combining financial data with end-user control, Artificial Intelligence will help customers make better financial decisions and increase savings.
Intelligent Customer Service
Nowadays, financial services are trying to shift their focus on customer experience, and AI is paving the roads towards this objective. A Digital Power Report revealed that customers are willing to provide even sensitive information as long as they receive customized advice. AI delivered robo-advisors, that automatically provide algorithm-based advice. Enhancing customer experience is one of the top priorities of financial service businesses, and AI is offering it.
One of the main challenges of financial institutions is communication. Artificial Intelligence manages to streamline the overall business processes, making them easier and quicker. It also offers higher personalized interaction between the institution and the customer, something we wouldn’t have without this technology.
Intelligent Fraud Detection
The Financial industry handles highly sensitive information, which requires strong security policies. Since the beginning of times, AI played an essential part in fraud detection. Financial services can use Artificial Intelligence, increasing the security level of their information through improved monitoring processes, and using real-time response to potential fraud.
According to Gartner, by 2020, Artificial Intelligence will handle at least five percent of all economic transactions using smart Payment Management. Machine learning will enhance predictions and simplify the decision-making process. Financial institutions will also be able to understand their customer’s behaviors and transactions better, and and create cross-selling opportunities.
Bottom line, artificial intelligence is changing the financial landscape, bringing benefits not only to business, but end-customers as well. Looking forward to receiving your thoughts on that!