Artificial Intelligence In Banking: AI in banking and finance

Artificial Intelligence in banking

Here first we discuss, the term artificial intelligence that what is meant by this term.  Artificial Intelligence means the work is operated by machines or electronic devices. There are many applications of Artificial Intelligence such as Artificial Intelligence in Banking.

Today we are talking about Artificial Intelligence In Banking in Detail.

7 points have been discussed  below in detail :

History of Artificial Intelligence in the banking sector 

In the 1960s there was a manual banking system that is non-online. After some time in the 2000s, a 24/7 online banking system was introduced to bank users for their ease. Later in 2010, there was a huge change that came into being in the banking industry was the introduction of mobile banking. As in the year, 2020 due to COVID-19 the usage of online banking was increased by some percentage.

1.Online Banking: Artificial Intelligence in Banking

Artificial Intelligence plays an important role in online banking. Artificial intelligence stores the pattern once the operation is done by the experts. The ratio of users using online banking was limited at the end of 2019. But, in early 2020 due to the pandemic situation of COVID-19, the users rushed towards the online banking system. According to the survey, the ratio of the online banking system was increased by 50 percent.

2.Customers Facility :

Artificial Intelligence is used in banking for providing the facility to the users. It makes it easy for its users to perform online transactions and pay utility bills in just a distance of a hand. Several applications are introduced by mobile phone companies for banking. And these all things are only possible by using artificial intelligence technology. Now there is no need to go to banks and wait in a long line for transactions.

They can easily enjoy this feature while sitting at home. This feature saves time because distances are closed with the help of smartphones and internet connectivity.

3.Biometric And Security System :

Nowadays in banking systems, new technologies are introducing with time. The systems such as Biometric system in which users fingerprints are memorized by the system and it makes sure that the authorized user is using the ATM or transacting any amount from his account.

This biometric system is only possible with the help of Artificial Intelligence technology used by the machines in the banks. It lessens the threat of fraud and secures the banking system and guarantees its users that security is very tight and a simple man can't do any cybercrime.

4.CyberSecurity Attacks :

Artificial Intelligence In banking systems makes sure that security is at its peak and very tight and it is never very easy to break or hack the banking system or any user’s accounts information. Artificial Intelligence notes the unusual activity done by your account and alerts the security system for checking the irrelevant activity done by someone and it verifies whether it was you or somebody else. This reduces the chance of hacking accounts.

 This all is possible with the help of Artificial Intelligence technology. Machines used in banking systems are used to learn behaviors to recognize if there is a case of fraud is happening. It warns the system to re-check each and everything in deep. The main threat in online banking is about been hacked by a system. Thus, Artificial intelligence and all security systems assure that your account is fully secured and is limited to you only.

5.Financially Support And Easiness For The Staff :

The usage of artificial intelligence helps the banking system and reduces cost. As the burden of load lessens due to online banking. It helps the bank to hire a few members of staff. With the presence of Artificial Intelligence Banking, Banks have to pay less amount to staff as staff members are limited.

The workload is reduced by some percentage which makes it easier for the staff to perform their duty with responsibility.

Saves Time: Artificial Intelligence in Banking

Nowadays the most important factor is time. As you know ‘Time is money’. Therefore, by saving time you can easily utilize your time in work that benefits you financially and you can earn money by utilizing time in a good direction.

So, online banking saves your time in a better way. If we talk about the advantages of artificial intelligence in banking is not easy to count its benefits on fingertips.

6.Accuracy And Zero Error :

As the computer is enhancing its system day by day. Therefore, the chance of mistakes and omissions are very less. And it saves the expenses and supports financially. It does all work that is assigned to an accountant. It makes it easier for everyone to handle a situation of calculating data etc.

If work is done by human hands there is a chance of mistakes but the computer system reduces this chance on a large scale.

7.Revolution In The Banking Sector Due To Artificial Intelligence :

We can say that Artificial Intelligence has changed the banking system, especially for their customers. As more customers join the bank they will earn more benefits. Customers History plays an important role for bank management to provide offers and facilities to their customers.

As the whole record of a customer from Day One to the present day is saved in the computer systems of banks. This is only possible due to the artificial intelligence used in the banking system.

These were the uses of ai in the banking if you want to see the uses of computer in our routine life these are the 20 uses of computer 

Conclusion :

As the bank plays the role of a backbone for depositing money more safely. Therefore, the chance of stealing money or any fraud is reduced with the help of authorized and verified banks. And as we already know that artificial intelligence is very useful and provide more secure and safe options for the customers of the bank to utilize it fully.

Personal requirements of the customers are the priority of the bank management. Several banks are providing the option known as Chatbot to contact 24 hours a day for any inquiries related to their account issues. They can easily resolve all issues by sitting at home. Now there is no need to go to banks Physically and wait in a long line for your turn. Everything is now at a distance of hand.