AI stands for Artificial Intelligence. In general, machine learning and AI in the banking industry can be defined as using technology for Big Data processing, highly personalized offers, automatic scoring, fraud detection, conversational banking and financial and advisory assistance. Thus, artificial intelligence in banking affects all the traditional services, generating a range of disruptive opportunities in the banking industry.
AI solutions in banking will bring digitization of the banking industry to a new level by automating complex service processes that were previously performed by highly skilled bankers. This will lead to millions of job cuts in the next decade. On the other side, this will increase competition in the financial industry that results in increased service quality and reduction of fees.
AI in the banking sector is extremely important to make the financial industry more transparent, safe and user friendly. Revolutionary AI technology in banking could process a huge amount of data that is not able to be processed by the human brain, and detect hidden correlations. Artificial intelligence will transform the banking industry into a personalized financial advisor who can predict the future based on the decisions you take, and suggest the best possible way of operating with money.
Check out the best articles by UXDA about using AI in banking and finance.
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