Make Your Artificial Intelligence in Banking Reality

1. Make Your Artificial Intelligence in Banking Reality Artificial Intelligence allows banks to perforate into their target markets better, by providing personalized customer support and by way of timely, research-backed decisions. AI helps banks to monetize the voluminous data that they have access to and innovate their portfolio of offerings. It is true that AI is disrupting the entire banking paradigm and is bringing about financial inclusion like never before. However, it is also the moment where responsible bankers need to prune hype from reality and make AI pay off. Flush Your Mainstream with RPA Banks are the centre stage of thousands of repetitive processes that eat into time and money. RPA is much more than mere mechanization of hitherto human-controlled processes. It is about leveraging the potential of each and every leg of banking, right from payment processing, to trade finance, from credit rating to loan disbursements. Build a data-driven AI foundation Data is the life and blood of ​AI​. Accuracy of data matters and one cannot simply go by the GIGO (Garbage In, Gospel Out) principle and blindly

2. assure themselves of data integrity and authenticity, just because a computer is involved. For AI to start translating into benefits, data discovery, optimization and analysis must be unbiased. Real-time fraud and proactive delinquency detection As guardians of the entire financial landscape of a nation, banks and credit unions are responsible for sensible lending. Harness AI technologies for profiling customers not only according to their credit profiles but also based on their risk profiles. AI powers the fraud-detection tentacles of banks, by bringing in real-time​​fraud detection​, based on predictive analytics. Drive Customer Engagement AI places banks on the threshold to make every banking experience a pleasure for individual and corporate customers. For example, JP Morgan Chase and Co1. using advanced blockchain technology has become the first bank to create the fiat currency in the form of a digital coin, that would enable instantaneous payments transfer between corporate clients. Streamline processes, spot patterns and provide proactive and personalized services to customers. Capture the Market Pulse; Predict Stock Performance with Precision Predicting market movements is one of the biggest assets of AI to the banking industry​. Way back in 2008, had AI been deployed better, the housing bubble could have been detected on time and the subsequent crash of subprime mortgages could have been averted and the global financial crisis could have been stopped. Since wealth managers and investment bankers deal with OPM (other people's money), using techniques like big data and sentiment analysis will help them monitor and keep the financial market under surveillance. With all the high-voltage spending on AI, what really matters is a reality check - that is, how far banks are able to take advantage of the AI upsurge and increase their profitability along with customer loyalty. Otherwise, it will be nothing more than merely handing over the core CX drivers to robots and chatbots.