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How are artificial intelligence applications transforming the banking and insurance sector?

Everyone in the technical realm is bragging about how artificial intelligence can change the use of technology, but very few of us are working for that. Many people believe that with artificial intelligence in banking, industries wonu2019t need human resources to operate.

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How are artificial intelligence applications transforming the banking and insurance sector?

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  1. How are artificial intelligence applications transforming the banking and insurance sector?

  2. Introduction • Everyone in the technical realm is bragging about how artificial intelligence can change the use of technology, but very few of us are working for that. • Many people believe that with artificial intelligence in banking, industries won’t need human resources to operate. • It can bring harm to employment, but that is not the case at all.

  3. People who are working with the AI believe that with the introduction of AI and machine learning, most of the tasks will only simplify.  • Simplification is a solution every business wants to ensure their survival in the dynamic market.

  4. Statistical Sampling Will Help Define The Pricing • AI methodologies can help the banking and insurance companies to define their pricing structure according to their target audience. • Many sensors and devices can record the activities of the customers and then contemplate what kind of plans they might need. For instance, think of a vehicle insurance company.

  5. Facial Recognition • It is another application through which businesses can implement artificial intelligence in banking and insurance services. • When businesses verify identity online, facial recognition’s role is paramount.  • The insurance industry was the first one to introduce it in their process.

  6. Decrease Fraudulent Activities • Banking & insurance sector in India is mostly concerned over any fraudulent claim. • These are some of the many points that support the claim that online video KYC is the new future of banking and insurance verification. • All this is possible because of the innovation in the field of AI over the years.

  7. Contact Details About Signzy: Signzy helps financial institutions transform current semi-manual processes into real-time digital systems, using Artificial Intelligence and Blockchain. This ensures that the new processes are user-friendly, yet secure and compliant. Bangalore office BPL building, 11th KM, ArakereBannerghatta Rd, Bengaluru, Karnataka – 560076 Mumbai office “Rise” 1902, 19th Floor, Peninsula Business Park, Tower B, Lower Parel, Mumbai – 400013 reachout@signzy.com https://signzy.com/

  8. Follow Us On https://www.facebook.com/TeamSignzy/ https://www.linkedin.com/company/teamsignzy https://twitter.com/TeamSignzy

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