AI Solutions for Banking – Going the AI-First Way

AI Solutions for Banking – Going the AI-First Way

AI or artificial intelligence has already made a huge impact in most industries. Some businesses have intelligent enterprise AI platforms running their processes and others rely on robotic process automation. But in the speed at which AI is making its way into the banking sector it appears like banks might be going with the AI Solutions for Banking in the near future. Considering that there was an initial hesitation towards mobile-first approach and today there are many banking and finance companies that offer branch-free mobile savings accounts, the AI-first approach might also make permanent changes to the process. 

AI Platform – a Human-like Interaction in the Front-Office Applications 

There is a huge volume of customer data and financial records being stored for each customer of the bank. When a customer gets in touch with customer care, the executive has to understand the query, look for relevant data, validate the user, and then provide relevant responses. There is a time lag involved in this and AI can help in eliminating this time lag. AI solutions can be used as the first point of contact for customers. 

This would not entirely eliminate the need for customer care executives but simply improve the efficiency of their tasks by redirecting to them only the relevant requests and not the ones that involve straightforward redirects. Sometimes customers only want to know about the different types of services offered or perhaps have questions about certain interest rate calculations. With advanced natural language processing engines banks that choose to go with the AI-first approach would be able to quickly answer every single customer query without the slightest time lag. Zero wait time means a better experience for the customer. 

The Age of Platform Economy 

Ecommerce, mobile wallet, third party payment processing apps and a host of other such tools have catalyzed the progress towards platform economy. AI solutions have a huge role to play in this. Machine learning for fraud detection, AI platform for customer information analysis and many other manifestations of artificial intelligence have a role to play in this. Incumbent banks with rigid traditional systems might not be able to take part in this. Most types of digital transactions might be difficult for customers with their account in these banks and this might force them to switch banks. To keep up with the advancements and survive the competition, banks are already making the move and going with the AI-first strategy to provide seamless banking and financial transaction services for customers. 

Wrapping up 

The thin line between finance and technology sectors has already started fading and it is the era of Fintech firms. Several tech giants have already ventured into the world of finance and so banks are picking up pace and making the move. 

Most customers today do not prefer going to a physical bank branch. Even those who are sceptical about digital transactions love the fact that simple tasks like checking the bank balance can be less time consuming in a digital approach. To ensure the smooth adoption of digital banking while also strengthening the security factors and to offer services tailored to the customers needs, AI solutions have become seemingly indispensable. This ensures that even with the ever-growing data volume there are no bottlenecks. Banks therefore choose the AI-first approach for a more relevant automation of processes that augments human taskforce and enhances customer experience. 

Aakshit

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