The Present and Future of AI in Banking

With platforms like Google and Apple investing in Artificial Intelligence (AI) capabilities to help make the user experience easier, it makes sense that other industries and sectors are also investing in the development of AI to help streamline their functions and processes. The banking industry has been at the forefront of developing specific function AI to help improve different activities both back-office and customer-facing to facilitate better service.

Security and Fraud Detection Using AI

Cybersecurity and fraud prevention are vital in the financial industry. AI has been successfully deployed at many banks to help with the detection of fraud. This is especially important in the analysis of documents, account details and the verification of account holder identification in online banking processes. AI systems have been utilized to achieve 100% accuracy in the analysis of thousands of archived documents in just a few minutes, instead of the months or even years it would take to do the task by hand. It’s not only a big cost saving exercise for banks, it also ensures high levels of compliance and increases security.

AI in Customer Service

Several international banks have also taken steps to make AI an integral part of their customer service offerings. Wells Fargo has an AI customer service platform run on Facebook Messenger that has been effective in dealing with many basic account functions, mostly associated with online banking, like password resets, and other account information. Other banks have implemented customer-facing AI that is able to recommend different financial options to customers based on their interaction.

Complete AI is a long way from being able to provide all the services needed for customers, but with continual machine learning and improvements, it’s going to happen sooner than one may think.