Innovative artificial intelligence banking use cases you cannot miss

The emergence of new technology and the constantly shifting client needs are making it difficult for banks to stay up. Banks can satisfy client needs while also advancing technologically with the aid of artificial intelligence. Let SmartOSC introduce several artificial intelligence banking use cases.

What is artificial intelligence?

There are many different ways to describe artificial intelligence (AI), which is the study of how to build intelligent machines. How to build machines that are capable of intelligent behavior is a topic of AI study.

AI applications may be used in a variety of ways in practice, such as:

• Computers may be taught to learn from data without being explicitly programmed using a technique called machine learning.
• Teaching computers to comprehend human language and react in a manner that is natural for people is known as “natural language processing.”
• Robotics: This entails using robots to do activities that would be difficult or impossible for people to complete otherwise.
• Predictive analytics is a technique that uses artificial intelligence to forecast upcoming occurrences, trends, and behaviors.
• The capacity of computers to analyze and comprehend digital pictures is known as computer vision.

Top 5 artificial intelligence banking use cases

AI Chatbots

It is among the top benefits of using artificial intelligence to the banking industry. Banks using AI Chatbots assist clients in a variety of ways. One of the important applications of AI in the banking business is the usage of chatbots in the financial sector. 

AI chatbots is one of artificial intelligence banking use cases in the banking sector that may serve clients around-the-clock and provide thorough answers to their questions. Users get a tailored experience from these chatbots.

As a result, AI chatbots for banking and finance processes enable banks to increase brand recognition, improve customer service, and draw in more customers.

Customer experience is improved with AI

AI financial applications are quite useful. The goal of AI-powered mobile banking applications for Android and iOS is to enhance client satisfaction and service level. Utilizing AI and machine learning in banking enables businesses to observe user activity and provide more customized services to clients.

Based on user search trends, intelligent mobile applications may monitor user activity and extract insightful information. These data would aid service providers in making tailored suggestions to customers.

As a result, 70% of banks are planning to include AI in mobile banking applications and are moving forward to seize the lucrative potential presented by artificial intelligence banking use cases. 

Data Tracing and Analysis

Automated data collection and analysis is one of the numerous advantages of artificial intelligence banking use cases. 

Data collection and analysis may be carried out effectively by artificial intelligence in the banking industry. Banks will be able to foresee business and industry trends easily with the use of this study.

Additionally, the analysis of client data via mobile banking applications powered by AI will be crucial in providing customized services and improving the overall user experience. In addition, banks may use the insights gained from client data to make smart business choices and provide them with more specialized service suggestions.

Portfolio Management Using AI

It is among the top advantages of AI in the banking and finance industry. Artificial intelligence banking use cases  may be used more effectively to manage assets and portfolios. Modern technology does really put everything at our fingertips.

When customers transfer money using digital banking applications, AI programs keep track of the transaction and immediately notify the users if it seems suspect. AI systems warn the user right away. AI thus assures secure transactions.

On the other hand, the management system for debit and credit cards also heavily relies on AI. The handling of credit and debit cards may be automated, which improves security. The use of artificial intelligence in banking streamlines the card authentication procedure and ensures the security of all transactions. 

Risk management with AI

One of the finest uses of artificial intelligence banking use cases is for risk management. It is one of the key benefits of smart banking services with AI support. For instance, risk-related duties for bankers include reviewing financial conditions, verifying documents, and approving loans. 

This work can be completed by AI and machine learning in banking with more accuracy and privacy. Additionally, lenders may examine the borrower’s behavior using the AI-driven risk assessment process, which lowers the likelihood of fraud.

Banks are now using AI in a variety of ways, but there is still plenty of potential for artificial intelligence banking use cases. What new AI applications do you see banks deploying in the next few years? Please get in touch with SmartOSC for more information!