Introduction to Artificial Intelligence in Banking
Banking services have improved so much over the years. One could hardly believe how hard it used to be to get something done within an hour of going to the bank.
You had to physically visit the bank, get a token, and wait for your turn and then get your stuff done. Even then if you made a mistake, you had to get in the line all over again.
But that is not the case anymore; since the introduction of artificial intelligence in banking, a lot of crucial things have changed or evolved for good.
You no longer have to create time out of your busy schedule to visit the bank, everything is available from your nearest smartphone and an internet connection.
Being able to access all your banking and financial services at a click of a button is truly revolutionary to think about. To understand this better, let’s have a look at the benefits that artificial intelligence offers to the banking sector.
No More Queues
It is safe to say that almost everyone hated standing in the queue for countless hours just to get their money deposited or withdrawn.
These long queues were the top things that made people hate dealing with their bank issues. But as AI was introduced into the mix, this is never an issue anymore.
All you need is a smartphone or a computer and an internet connection and you are good to go. You can send and receive money without worrying about going to the bank itself or standing in a line for hours.
Personalized Offers
Before the digitization, getting loans approved for yourself was a tough task, that is not the case anymore. With the introduction of artificial intelligence in the banking sector, you will have the option to receive personalized banking offers such as loans or credits.
This is done by AI-based systems who utilize machine learning to understand the interests of the customer, evaluate the past spending behavior and credit score to offer custom offers and plans for them.
Detailed Data Insights
The only way to understand how much you spent in a month before the introduction of AI was to get a minimum statement or get your passbook updated.
But that required you to visit the bank and go through the same process of getting in a queue. This was too time consuming and mostly harder for people to get to just for this simple task.
But now you don’t need to follow the same steps, since AI-driven systems can recognize the spending patterns and offer reports to the customers regarding their spending over the month.
Additionally, these AI also helps customers identify products and services that would interest them by analyzing past behavior.
Automated Tasks
To get your money withdrawn, deposited, or transferred to another customer’s account you had to visit the cashier or the accountant before digitization.
But now you have Ai-driven systems and applications, that help with common tasks such as transactions, account creation, activation, or reminders, etc. without you needing to visit the bank.
Cost-Efficient
Customer service was another bottleneck with traditional methods of banking. But with the introduction of AI-powered chatbots, corporations can now save a huge portion of investment annually.
Additionally, once deployed chatbots can continue to work nonstop without needing a break like a human employee would require offering higher productivity.
Quick Responses
Getting answers regarding your banking queries used to be tough, but not anymore. AI-powered chatbots can resolve issues and queries with the quickest resolution time. This enables both the customers and the business to save time and resources.
Further, chatbots also offer detailed information about the queries a customer might have, by offering them related context about the topic in question. A quick example would be a bank integrating their FAQ library with the chatbots.
All-Day Service
Artificial intelligence allows you to access your bank whenever you want, wherever you want. From 24X7 access to your banking services to customer support via chatbots, the Impact of artificial intelligence in the banking sector is truly magnificent.
The changes that AI has introduced into the sector has changed the way people used to handle their banking needs.
