The setbacks and challenges from 2020 have forced companies to deploy artificial intelligence (AI) for never-seen-before transformations. One that helps to create a path for powerful growth. Banks and their customers have been having conversations around AI and its revolutionary changes. In this blog, we discuss the key trends in the use of AI in banks and financial sectors.
AI in Banking Sector
While 2020 was a challenging year for businesses in the world, banks have relied heavily on robotic process automation (RPA) to enhance customer services, and streamline internal operations and processes. All of this ultimately helps to increase profits.
Banks were one of the early players in the markets to implement RPA in their processes. And now they are at the forefront of integrating AI into the UiPath platform to unlock newer possibilities. Also allowing to broaden horizons and implement automation into various sectors of operations. Statistics show that 85% of financial services-related organizations are currently using AI. And 77% of senior executives working in financial institutions envision AI to play a crucial role in the next two years.
Today we are witnessing companies embracing flexible and emerging technologies like AI. And it is not only limited to RPA-specific tasks but to all kinds of innovative intelligent solutions. This helps to answer some of the most pressing challenges in the industry.
Use of AI in Banks & Financial Sectors?
There are many important areas where banks use AI technology to innovate and find solutions. These include the following:
Improving customer experiences
Companies strive to create best-in-class digital experiences for their clients through strong integrations between back-end and consumer-facing operations. Moreover, banks are rapidly digitizing all of their services. For instance, retail offerings, wealth and investment management, payment platforms, etc.
Shifting Operating Structures
Physical branches are quickly being replaced with virtual channels like chat apps, contact centers, mobile banking, email communications, and electronic catalogs. This has resulted in the introduction of intelligence in these platforms further ensuring smoother customer service and experience.
Increased Use of AI & Analytics
Banks have understood the goldmine of data they carry with them. Banks and financial institutions want to leverage this goldmine of data with the help of AI and analytics. To make this a successful reality, banks have started to develop their own Machine Learning models. Banks want to seamlessly integrate ML into their systems to enhance their operations. For instance, handling unstructured documents, forecast predictions, classification, and segmentation, etc.
Risk mitigation
With the help of AI and RPA, banks are able to create solutions that can considerably reduce or eliminate any kind of human error in the existing processes. This, in turn, can massively help to eliminate security issues/threats that generate from such human errors.
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