Disrupting the Banking Industry with Artificial Intelligence

Artificial Intelligence is disrupting the traditional banking industry in many ways as its huge impact is being observed in various sectors, however, it has been more prevalent in the financial and banking sector in specific. At the present moment, the finance industry aims to ensure that they are taking advantage of all the new technologies that are surfacing especially artificial intelligence. AI in particular stands out due to its being an innovation that is predicted to have long-lasting effects on the world as a whole.

Artificial Intelligence is bringing a plethora of advantages to the banking industry and the fact of the matter is that it was proven that with the use of AI, banks were able to gain proper and accurate insight from their data with a reduced level of error. It was also able to produce higher quality along with more efficient data analysis to guarantee that their customers’ overall needs are being understood in an effort to deliver an up to par customer experience.

Because of the advantages that come with the capitalization of Artificial Intelligence in the finance industry, the banking sector is working even more on investing and in heavily incorporating AI into most of their operations. There are many cases where AI can be implemented, and they can be seen in the examples below:

  • Anti-Money laundering; which needs an intense AI solution to be able to detect a pattern in the data received that might entail that laundering is happening hence an AI-empowered prevention tool would be implemented.
  • Anti-Fraud solutions; like Pio-Tech’s Bank-BI fraud detection which allows for early detection of any transactions that can be considered fraudulent which ultimately gives the banks warnings about the customer at fault.
  • Virtual assistants; such as Pio-Tech’s Chatbot ABOT enable ease of communication in real time between employees or customers without the need to be present physically. One of the most common forms of artificial intelligence is chatbots and it is one of the most successful types of virtual assistants which allows for remote access and use for any service needed by the customer at any place and at any time
  • Compliance efforts; which Pio-Tech’s Bank-BI Compliance Platform targets. Its aim is to protect companies from falling into law violations and keeping them informed in matters regarding penalties and regulations, in order for them to meet their working requirements.

In brief, although the banking industry has always been dependent on human labor and the physical workforce, it has become more apparent that with the technological development that we are currently experiencing many of these tasks and services can be fully automated and digitalized which in the foreseeable future will guarantee a win for the banking industry.

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