Accounting & Finance
How AI Is Affecting Banking Services
Artificial intelligence is shaping and changing the way we interact with the world and with businesses in general. By 2020, it is estimated that at least 30% of all companies around the world will be using some form of AI in their business model. Another interesting statistic – according to recent research, up to 85% of interactions that customers have with a business will be dealt by artificial intelligence and not a real human consult by the year 2020 as well.
Even in the financial industry, we can already see banks taking advantage of artificial intelligence in order to streamline several services and processes that they present their clients. As AI advances, so does the services that banks are able to offer their clients. In this post, we’ll take a closer look at how banks are using artificial intelligence to provide customers with a better experience in terms of the services they have to offer.
The Rise of AI-Based Assistants
One of the first things that clients will notice when they switch to a bank that takes advantage of what artificial intelligence has to offer would be the integration of new virtual assistants that are powered by this technology.
Chatbots are a prime example of virtual assistants, but many banks are taking things to the next level by introducing more advanced programs that take advantage of machine learning technology, along with the artificial intelligence technology that drives these services. These assistants are able to handle everything from the more basic tasks, such as providing the client with updates on their balances, to providing the client with more advanced assistant-level features, like transferring money and paying invoices.
Banking no longer needs to be done with the click of a mouse or the touch of a screen, as artificial intelligence has come to the level where the client can speak to their phone, and appropriate action will be carried out. With these features, clients can now ask their phone to check their balance, to transfer money between their accounts, and more.
Faster Processing of Credit Applications
Applications for credit, such as home loans, vehicle finance, and personal loans, used to take several days before they could be processed and the client was given approval on their application. Today, with the help of artificial intelligence, clients can apply, and an automated computerized system will check their credit score, payment history, and other factors that will ultimately help in deciding whether the client should qualify for the credit they have applied for.
With financial institutions like FAB Bank now starting to rely on artificial intelligence, customers can expect to benefit from always-on virtual assistants, the ability to bank with their voice and gain valuable insight into their budget and areas where they might be able to save money through machine learning technology. We are currently only starting to see the potential of AI, as the technology will continue to improve and become more advanced in the near future.