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Artificial intelligence is being used across various industries worldwide to improve productivity. It also offers excellent customer service. AI is also widely used in unmanned aerial vehicles in modern warfare. So, businesses can better employ artificial intelligence to make informed decisions and improve efficiency and profitability at affordable costs. It also saves time.
The demand for AI in the fintech industry is expected to reach $22.6 billion by the year 2025. According to a recent report, AI is playing a vital role in the financial services industry. In nations like India, 83% of financial organizations feel that AI plays an essential role in improving customer service. Over 55% of financial organizations said AI will help them stay ahead of their peers.
Identifies fraud
According to a recent study, around 65% of the respondents said AI engines were utilized for fraud detection. It helped them improve security and safety. In addition, AI technology usage will help banks reach $447 billion by 2023. You can seek the help of a leading financial services company, Joseph Stone Capital, to implement the latest AI-based apps and technologies to improve customer satisfaction and offer a personalized approach to finance deals.
The use of AI in banks will help reduce the need for physical branches. Or banks can scale down physical branches and depend on virtual banking services. In addition, errors in the banking sector will be minimized to a great extent. AI can also be used to help customers open new deposit accounts and save valuable time.
Reduce errors
AI models can be trained using past data. Maintaining records and books is critical in the banking industry. Artificial intelligence can be utilized to gather data about the loan repayment patterns of individuals and tailor products to boost business.
AI can be used to scan loan records and help the team make recommendations for credit and loan offerings. Machine-learning-based AI analyzes vast volumes of data without any errors. Its usage is also extended to areas where analytical, intelligent, and clear-thinking skills are required. In the financial services industry, knowing your customer is one important area where AI can be used to scan through vast amounts of data and establish links between financial and personal data distributed worldwide. It offers significant cost savings. For such innovative ideas, you can seek the help of Joseph Stone Capital.
Data plays an important role
Data plays a vital role in the current era of digital transformation. It is critical for financial services’ success. AI can protect data and predict anomalies, which could lead to financial crimes and fraud. You can use AI to monitor transaction patterns and the behavior of customers in real-time. It helps detect any unusual activity and informs the teams for further investigation.
AI can also be utilized to check customers’ identities and help prevent identity theft. Biometric data like iris scans and fingerprints can be utilized to identify and authenticate customers with 100% accuracy. So, it is easy to identify and detect fraud even before it happens in the financial services industry.
