AI in Banking and Financial Services

Money speaks many languages, they say. This is particularly true in the current times with the proliferation of numerous institutions, platforms, channels, systems, technologies and tools. Add to this heady mix of concoctions, the new kid on the block, Artificial Intelligence and you have an exciting landscape, and its game-on in the banking, financial services and insurance industry. Whether it's internal processes or customer facing applications, the financial services sector has always embraced technology for delivering products, services and solutions, thanks largely to the recent advances in data science, machine learning or their current avatar of artificial intelligence.

Innovation in BFSI

Innovation has always been at the forefront in the BFSI sector. Take the case of ATMs, OCRs in cheques, plastic money via credit cards and debit cards or the most recent digital wallets, technology has been used to enhance not just operational efficiencies but also business effectiveness and cost savings. With the advent of artificial intelligence, there is a multitude of use cases for banking in wide ranging areas from risk management to portfolio management, from treasury to investment banking, from customer relationship management to credit control and compliance.

Advancing Innovation with AI in Financial Services

So, what are the odds that technology is at play when you do that cross-border monetary transaction? For a start, it would definitely involve loads of AI algorithms and models at play from risk management, credit control, transaction monitoring and processing, anti-fraud and anti-money laundering, to name a few. AI is also deployed in assisting the traders and fund managers with trading algorithms and fund performance analysis. Not just these, predictive analytics models help with analysing the customer behaviour and forecast customer churn. Robo advisors and agents assist customers in better financial planning and managing their investments the smart way.

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