There is no denying the fact that technology does wonders and it is shaping our future and artificial intelligence is the latest and the perfect example. From Widows Cortana to the Google-developed driverless cars, the use of artificial intelligence is increasing rapidly. This self-learning technology is being comprehensively used in every sector of the industry, be it gaming, medical, finance or any other.
The concept of AI is too vast to describe in a single blog so here, we will be sticking to how it is being used in the financial industry. As per the survey, the AI system will help the banking industry to save over £1 trillion by the year 2030, and that’s a huge amount. This is more than the GDP of many small countries. Now, the main question or topic here to be raised is how does an implementation of Artificial Intelligence is bringing a positive impact on the industry? Well, this is exactly what we will be discussing today in this blog briefly. Now, let us get started.
Introduction of chatbots
Be it a small-sized firm or a large corporate, every business needs to focus on enhancing the relationship with their customers. The moment you lapse, your competitor will take the opportunity to attract your customers. Many lending institutes have been using AI to improve client satisfaction, increase the efficiency and build customer loyalty in different ways. Many well-renowned financial established institutes have been providing chatbots features that are powered up by the AI technology that helps the consumers in need via text messages or voice calls. The chatbot service can be accessed 24/7 and in some cases, it can even perform day to day transactions.
Tailored customer service
Another great feature of AI is that it helps the companies in providing better and improved customer service. All the transactional and other data are collected to analyse the behaviour of the consumer so that the most suitable and reliable product can be offered. For instance, if you are facing any crisis, then the AI will show you emergency funds that can be accessed quickly such as text loans from a direct lender. You will be able to apply for such loans easily and you can get the approval even with no credit check. So, such instant recommendation can be very helpful to the users who are in the rush and are looking for an ideal solution.
Fraud detection and management
Every business focuses on reducing the risk factors that keep surrounding it from time to time. But, the risk of fraudulent attacks increases drastically online. Now, a financial institution is no different as today the users have to provide their valuable information online on the particular website to avail the service. This is one of the main reasons why every financial company takes fraudulent activities very seriously. Now, AI comes into the top when it comes to security and in identifying any kind of fraudulent thefts. It basically analyses the past spending behaviour by keeping the track record of all transactions.
So, the AI will spot any unusual behaviour and will notify you immediately to ensure that whether it’s you or someone else. Another remarkable feature of AI is that there is no limit to its learning capacity. Thus, if in any case, if it shows prevent any regular transaction that is corrected by the user, then from next time it will be able to make smarter decision in detecting fraud.
Many investment companies have been relying on machines learning and computers to predict the future of the market. Machines are used to collect a massive amount of data and figure out the different possibilities. This way, the investing companies will be able to take all the preventive measures and also implement necessary changes when required. Now, doing this will help further in saving a lot of time and money. Basically, AI will predict when any anomalies can occur in the market so that the companies can come up with a better plan to avoid it.
Wrapping up, by far, it would not be wrong to say that the importance of Artificial Intelligence is immense and it would be playing a far greater role in the coming future.