Home ARTIFICIAL INTELLIGENCE Banking Industry Opens The Doors To Artificial Intelligence

Banking Industry Opens The Doors To Artificial Intelligence

Foteini Agrafioti, head of the Artificial Intelligence research division at Royal Bank of Canada, has recently stated that it is a misconception to believe that humans and machines can perform at the same level.

Going the distance, banking seems to be adopting a more reassuring discourse for its staff, from the moment they pose the irruption of artificial intelligence and emerging technologies as tending to cover more mechanical or systematic tasks.

The use of AI systems in the banking sector is still incipient and has a long way to go (for example, when serving customers or gathering information that allows the design of new products and services or the reduction of fraud).

A study by The Economist Intelligence Unit (EIU) indicates that the three main functions that are being used in banking, in relation to AI, are in this order: customer interaction (30%), risk and compliance (28%) and financial analysis (26%). This without counting on 87% of the banks that assure that they have implemented chatbots in customer service, according to Business Intelligence analysis.

One of the main benefits of emerging technologies is the detailed analysis of huge amounts of data, which allows bank managers to design new products, more personalized and tailored to their clients. In addition, artificial intelligence is also present in banking applications downloaded to mobiles, tablets and laptops by thousands of customers; They analyze the data, design behavioural patterns, generate predictions and measure the risk of default, based on information collected by the devices themselves.

This customer trail is spreading fast on social media and ultimately anything that is digitized and connected. Until relatively recently, 80% of this data was invisible to business computer systems, and that percentage includes everything that humanity communicates orally, plus everything it captures with sight, hearing, or movement; Millions of “unstructured” data are multiplying at enormous speed and according to some calculations will amount to 44 zettabytes in 2020.

To process such a large amount of information, Logicalis has cognitive technology capable of digesting millions of unstructured data in all its forms and “reasoning” from them, in short, adding logic to them. Thus, it is possible to have a robot portrait of customers, learn from each interaction and maintain a closer and deeper relationship with them, “more human”.

Based on this enormous knowledge, banks will be able to define new products and services that are more tailored to each client, more quickly and tested, and in ways that until now they did not even imagine. Perhaps for this reason, and by way of the forecast, it is estimated that in 2020, the investment of the financial sector in this technology amounts to 10 billion dollars. But it is also risky to make forecasts with such disruptive technologies. It’s will be better to ” wait and see “.

Tech Cults
Tech Cults is a global technology news platform that provides the trending updates related to the upcoming technology trends, latest business strategies, trending gadgets in the market, latest marketing strategies, telecom sectors, and many other categories.

RECENT POSTS

Aesthetic Usernames for TikTok

On TikTok, aesthetically pleasing usernames are growing in popularity. You must select a catchy username if you want your profile to stand out. When selecting...

Revise Like a Pro: A Step-by-Step Guide for Your Practice HGV Test

If you're gearing up to take the FREE HGV Theory Test Online in 2024, you're likely focused on mastering the ins and outs of...

WhatsApp Game for Friends in 2024

WhatsApp's prominence has cemented its standing as one of the most widely used messaging apps globally. Numerous strategies have been developed to make the...

Tech Felts – A Deep Dive into Photo Recovery, Mastering WhatsApp Tricks and Further

Welcome to Tech Felts, one place where you can see behind what being digitally knowledgeable means. It is a complete guide on where we...

Weownomy Login Step-by-Step Guide [2024]

Weownomy can pride itself on the lighting of innovation and empowerment in the dynamic domain of decentralized technologies. Designed to aid collaboration and initiatives...

Smart Business Management: Tips for Sustainable Growth

In an era where business dynamics are constantly evolving, sustainable growth remains a primary objective for companies of all sizes. Smart business management is...