Artificial Intelligence (AI) is a set of technologies built to imitate and enhance human intelligence. It is a system that can assess and understand the data that it ingests and suggest actions based on that assessment.
AI’s potential is huge across the banking value spectrum – from driving better data-driven decisions in the back office to applying human intelligence to enhance automation in the middle office, to directing interactions in the front office to enable a better customer experience.
Harnessing Artificial Intelligence can bring the advantage of digitization to the banking industry, helping them to edge out the competition given by FinTech players. According to a report, 32% of financial services providers have already leveraged artificial intelligence consulting services to implement AI technologies like predictive analysis and voice recognition into their business operations.
AI is considered the future of digital banking as it empowersindustry players to combat fraudulent transactions and augment compliance by leveraging advanced data analytics. It aids banks with efficient management of huge volumes of data, concurrently deriving actionable insights from them. AI algorithms facilitate the identification of anti-money laundering activities in a few seconds, unlike conventional processes that take hours and days. Furthermore, features like biometric fraud detection mechanisms, AI bots, and digital payment advisors forge the path for quality customer services, leading to reduced costs and increased revenue.
AI is enabling banks to gain essential competitive edge through:
- Predictive operations
AI enables banks to predict the future based on past behavior analysis. This helps banks with easy identification of fraudulent activities – such as identity theft and anti-money laundering –further enabling them to make customer recommendations. Additionally, AI helps detect suspicious data patterns among large volumes of data, thereby driving efficient fraud management. Realizing these benefits, many banking institutions across the globe have adopted AI by partnering with professionals offering digital transformation consultancy services.
- Effective decision-making
Cognitive systems designed to think and respond like human experts provide favorable, real-time solutions based on data available. Banks are harnessing the potential of these systems to make strategic decisions.
- Process automation
It enables automation of information-sensitive, error-prone, and cost-efficient banking services such as claims management. This alleviates costs, enables accurate and accelerated processing of services, and secures ROI.
AI will bring profound, positive changes to the banking industry by driving intelligent automation. The technology will enable banks to combine human and machine capabilities optimally to achieve operational and cost efficiencies and deliver customized services. By adopting Artificial Intelligence, many leaders of the banking industry have already capitalized on the opportunity to reap the benefits of AI.
Millennial Partners offers business-oriented artificial intelligence consulting services, helping global enterprises to integrate AI into their business operations. Backed by in-depth domain knowledge, rich experience, and a cross-functional team, we navigate and accelerate your AI development journey.
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments, which includes incorporating the most cutting-edge technologies such as enterprise Blockchain, Artificial Intelligence, and Iinternet of Things (IoT).
Our global and experienced team is availablevia e-mail to proffer solutions and answer questions regarding technological advancements and digital transformation!