Banking with AI
Banking With AI
Bureaucracy loves paperwork. But paperwork is SLOW, precisely the reason that banking in enormous spaces like India has been so slow on the uptake when it comes to getting more people on board the gravy train. Till a while back, there was another horror, an introducer who was needed to open an account- as though everyone asking to open an account has to have devious ideas and tendencies.
Banking plays a very important role in keeping things in the white is a no-brainer. That said, opening and maintaining accounts in the industry costs money. Without the assistance of a system that thinks like a human and acts like a machine, banking is doomed to stay an activity prevalent for only the upper echelons, a select few. What’s changing all that is needed, of both customers and banks and relevant intermediaries. For customers, it is a flawless, seamless, and exciting experience that matters, almost on the lines of visiting a cinema. For service providers, it is costs and the right use of data and information for further growth that matters. In the latter can be added ways and means of stamping out frauds.
Yes, the industry today has a buzzword. And likely so. AI. Short for artificial intelligence, it promises to bring changes that could completely revolutionise the banking industry. Sample a few examples to know more!
PwC’s Global Economic Crime and Fraud Survey 2020 puts the figure of online frauds in the range of USD 40 billion! Even a 5% reduction worldwide with AI could lead to a saving of USD 2 billion!
Yes, the industry today has a buzzword. And likely so. AI. Short for artificial intelligence, it promises to bring changes that could completely revolutionise the banking industry. Sample a few examples to know more!
- Back-checks! You want to open an account. Great! Even better, you don’t need anyone to introduce you to the bank because AI helps banks know what the world has to say about you! Using things like NLP, banking-related AI can scan the net and bring forth the smallest bit of information about most folks! Using a mix of details on known sites, including Facebook, Twitter, LinkedIn and the likes, the AI can easily create a fairly authentic profile about anyone! And if god-forbid, you have a not-so-great reputation online, there’s every reason for the bank to put across a polite NO!
- Fraud detection! Frauds, irrespective of type and size, have patterns and reasons for their occurrence. That said, reading patterns and predicting isn’t the forte of humans beyond the obvious ones. To decipher frauds that take place in the deep back-end of banking, it’s only an AI-assisted system that can read tons of data to decipher patterns, some of which could be fairly well-embedded. And the figure isn’t small by any stretch of the imagination! PwC’s Global Economic Crime and Fraud Survey 2020 puts the figure of online frauds in the range of USD 40 billion! Even a 5% reduction worldwide with AI could lead to a saving of USD 2 billion!
- Understanding needs! Using NLP, gadgets and all other means available to it, AI can easily construe a picture of what a client wants with pinpoint accuracy. Banking needs aren’t uniform across the populace. While some may need plain vanilla services, others could ask for humongous add-ons. Knowing when to pitch what and to who is best brought out by a system that can detect the faintest of ripples in client needs.
- Pitching newer products! As an extension to the above point, newer services can be introduced besides the requisite tweaking of existing ones if any, only if the bank and banking entities know what clients want. Speaking of clients, the biggest customers of high-end, new-age banks (minus brick-and-mortar presence, humans.) Are best understood and increasingly being used by Gen Z who would want the former to understand their needs by reading the tea leaves and the winds!
That being so, banking and all its affiliates and add-ons have only one option. Get AI. And get it FAST!
