The financial industry is well known for being data-driven and embracing emerging technology to provide efficiency, cost savings, detect fraudulent activity and keep operations running smoothly. So, it should come as no surprise that the industry is embracing AI as a tool for innovation and efficiency. Financial firms are using AI in a variety of ways to improve operations, enhance the customer experience, mitigate risks and fraud detection.
For example, many previously manual and document-based processes at banks required handling and processing of customer identity documents. With software automation systems, customers can securely upload identity documents to a web-based location.
When it comes to personal finance, banks are realizing the benefit of providing highly personalized, “hyperpersonalized” experiences for each customer. Not every customer is financially literate or may be looking for personalized suggestions, help, or advice. Generic advice and guidance is ok as a starting point, but it can only take you so far when looking to make decisions about your finances.
A popular use case for AI is to enhance fraud detection. It’s no surprise that detecting fraud without the help of advanced technology and AI is almost impossible. After all, criminals don’t want to get caught. Fraudsters are always going to try the most advanced, newest things that they can, and traditional non cognitive approaches will not always pick up on that suspicious activity.
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