Ways Banks Can Benefit From AI

AI technologies are gaining popularity in various spheres of human activity and banking sector is no exception. The article covers 10 ways financial institutions can benefit from artificial intelligence. With the help of intelligent technologies, all the banking processes become faster, safer and easier. Many financial organization have implemented AI-enabled chatbots and voice assistants.

Kasisto is a company that has introduced a conversational AI platform, KAI, which can be used by banks for creating their own chatbots and virtual assistants that will be able to deal with various questions, such as the ones about finance management.

Pepper is One of the world’s most famous robots, recently it has incorporated the AI technologies. Its main aim is handling hosting duties for HSBC and helping customers.

AI also has a significant impact on the middle office functions, where banks manage protection against malefactors. This includes fraud detection, anti-money laundering initiatives and know-your-customer identity verification and it benefited from AI a lot.

These are just several examples of how AI can impact the banking sector and strengthen both various banking processes and protection.