“Financial institutions must be able to deliver an easy to navigate, a seamless digital platform that goes far beyond a miniaturized online banking offering.” – Jim Marous

The advent of Artificial intelligence has reshaped every aspect of the banking process, all over the world. Due to AI technologies, banking processes have become faster, money transfers are safer then ever and the so-called back-end operations have become times more efficient.

Various sources predict that by the year 2030, banking industry is expected to reach $64.03 billion. The globally-known banking companies like Ally Financial, Capital One, Vectra AI or Kensho Technologies rely on AI technologies in their work; AI has become a norm and an inseparable part of their daily operations.

So how has AI technology changed operation of banks? What have we gained due to appearance of AI-enabled chatbots, voice assistants, biometric authorisation, enhanced security measures, information protection features and numerous other innovations? Let us look at several examples of businesses that have embraced AI technology.

A Michigan-registered company Ally Financial has a history of 100+ years, but it introduced an AI-enabled mobile banking application just recently. The bank’s mobile platform uses an ML-based chatbot which answers clients’ questions, performs money transfers and payments and generates payment summaries for the clients. The chatbot is voice-enabled, so every user can either text or speak with the assistant at any time of day or night.

Another example of a successful banking business: Capital One. It uses AI to improve their customer experiences. Their virtual assistant Eno communicates with customers through a mobile app, text, email and on a desktop. Eno answers questions, sends out fraud alerts, processes credit card operations, tracks account balances, performs transaction checks and surveys credit availability. The Eno AI assistant communicates so similarly to a human, that it even uses emojis while typing.

Kasisto is a New York headquartered digital banking company that is, in fact, a conversational AI platform, KAI. It allows banks to build their own chatbots and virtual assistants. The AI application understands natural language and can handle sophisticated questions about finance management. Lately, Kasisto’s AI platform has been used by the UAE-based digital bank Liv., DBS Bank, Standard Chartered Bank and TD. With the help of KAI-based bots they help clients to make international transfers, block credit card charges and transfer clients to human help whenever this becomes necessary.

Thousands of financial institutions are embracing innovative technology today. Among the most actively developing trends are-

• improving customer experiences by providing easy to use and amazingly fast operations and services
• ensuring operations security
• performing fraud analysis and prevention
• introducing conversational AI
• creating AI-based self-healing infrastructure

and many, many more.

Due to superior capacity of AI for processing and deriving insights from enormous amounts of data, banks can benefit from lower error rates, better resource utilization, and the discovery of new and unexplored business prospects. The future of banking is with AI technology, and this future is amazingly close.

If you are planning to set up a digital transformation process for your business and have questions about the project, you are welcome to contact me for more information.