The banking sector plays a significant role in the modern world, as both individuals and businesses rely on what companies in this sector can offer them. Solutions such as transactional accounts allow people to conduct day-to-day transactions without the need to carry cash around with them, while online banking solutions make it easy to save money, make investments, and to transfer money to other accounts, or to pay for services rendered by a third-party business.
Artificial intelligence has taken its place in the banking sector, just like in many other industries. Artificial intelligence is currently considered a trend that will continue to grow. A recent survey found that approximately 31% of enterprise-level businesses are planning to implement a strategy that utilizes artificial intelligence in their business model within the next year. Around 47% of organizations that are considered “digitally mature” have already added AI to their strategies. In one survey, 72% of business respondents claimed AI as definitely having advantages in store for the business world.
The Role of AI in the Banking Sector
With the banking sector playing such an important role in the general population’s ability to transact, save, and do more with their money, the implementation of artificial intelligence technology is driving us to an era where we can experience something more personalized than ever before.
The fact that artificial intelligence can analyze a client’s unique profile and provide them with individualized recommendations and a dashboard according to the services they mostly rely on is certainly the most important way that AI is currently transforming the banking sector. These systems are becoming more advanced as well, giving clients access to data that they will find useful – perhaps suggestions to help them save, or instant access to an investment opportunity that can give them significant returns.
Another area where artificial intelligence is transforming the banking sector would be in terms of customer service – specifically the support provided to clients through digital channels. Chat bots, for example, is streamlining the process of giving clients access to instant responses to their questions, no matter what time of the day or night it may be. When clients sign on to these digital support systems, they can ask the chat bot questions – the artificial intelligent technology continues to learn and adapt to different scenarios, ensuring customer queries can be efficiently solved, even when a real human consultant is unavailable
Security is yet another part of the banking sector being affected in a positive way through the implementation of artificial intelligence. This technology can now learn about the habits of clients and then detect suspicious activities, marking these activities as scams through AI-driven scam detection protocols. Bio-metric identification solutions also use the power of artificial intelligence to ensure clients can be detected based on their fingerprint, a scan of their eye, or other solutions that detect factors 100% unique to the client.
With artificial intelligence entering the banking sector, we should expect to see the entire sector be transformed in the upcoming years. AI has already presented many benefits to banks all over the world, with one of the best examples within the UAE region being the FAB bank. Clients are able to gain access to a personalized experience, while also resting assured that their data is protected through AI-driven security protocols.