Digital banking based on artificial intelligence

Digital banking is the future of the financial industry

The real potential of artificial intelligence is still very far from its boundaries. Humanity is just beginning to study it, but has already made tremendous progress. In particular, the machines are gradually integrating into the financial industry, creating a new, digital banking. Successful implementation will help companies improve the quality of their work both internally and with users. In addition, it will be an important step in reducing costs and optimizing staff.

Digital banking is not just a trend, but a necessity

Gartner experts conducted a study that showed that in the next 5 years banks will use AI. According to Andy Pardo, Al Accenture Digital UK & I head, digitalization needs to be used along the value chain, from first communication with a potential customer to offering additional services to major partners who have been cooperating for a long time.

In fact, artificial intelligence is a set of special algorithms that include language perception, image definition using “vision”, machine learning, etc. All of these options are combined in the cloud necessary to collate and store information. When the task appears, the information is requested from the database and the robot gets the opportunity to “hear”, “see”, to perform work within the limits of its knowledge.

These functions will lead to a complete transformation of the financial industry. Classic banks, which humanity uses today, will radically change, or will go into oblivion. The main trend in the field is the creation of a structure of self-improvement of technologies, the establishment of interaction between processes. Thus, it will be possible to improve customer trust and improve the quality of service.

In 2015, Forrester Research experts published a report, which said that in the next 5 years automation will make up 25% of professions non-demanded. This will free people from routine by offering to focus on creativity. Financial organizations are already applying developments with artificial intelligence. For example, Citibank has launched a program capable of supporting price requests sent to traders. The American company JPMorgan successfully implemented the COiN application, verifying documentation for authenticity.

Another important trend in the field is uncontrolled training. That is, in fact, the user represents a set of data to the robot, but the person has no answer to the question of what the final result should be. The machine studies it on its own, for example, by grouping customers according to the characteristics of their behavior. As a result, a ready base is formed, allowing you to create a marketing strategy.

This practice works perfectly for risk management. The computer analyzes the information and compares it with legal nuances or other information, and then gives its opinion on the situation. For example, HSBC has integrated artificial intelligence to fight fraud and money laundering. OCBC Bank turned to well-known software developers who will prepare AI capable of detecting suspicious financial transactions.

Organizations have a long way to adapt to changing realities and introduce new developments. However, progress is evident now. The next step is to launch services that interact with individuals. This includes all kinds of chatbots, robot consultants and other automated services of working with the client.

Учитывая широкий спектр технических областей, в рамках которых развивается и консультирует Александр Пан, данный ресурс ведется пресс-службой эксперта. В настоящий момент мы постоянно обновляем актуальные темы, входящие в компетенцию Александра - это IT, Искусственный Интеллект, Блокчейн и финансовые разработки. Желаем вам увлекательного чтения и приятного времяпровождения на данном блоге.

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Digital banking based on artificial intelligence