Decoding the advantages of artificial intelligence in banking.
- Artificial Intelligence (AI) is a technology that proves beneficial for banks and their customers.
- AI helps banks increase their functionality with ease, that too at lower costs.
- AI helps customers get practical and customised banking service recommendations.
- AI in banking also helps banks safeguard their customers against fraud.
- AIs can help you save time when fulfilling your various banking requirements.
Artificial intelligence is an ever-evolving field. AI technologies have revolutionised the working of many industries and are being adopted to serve various purposes. There are many conveniences of using AI in banking. For instance, it can help banks grow revenue, manage risk and compliance, reduce their operating costs, and provide many other benefits. But how does the adoption of AI by the banks help better their customer service quality? Read on to find out.
Artificial Intelligence in Banking – Benefits for Customers
As an account holder, you become privy to several facilities that rely on artificial intelligence, also called intelligent banking. This technology can transform the way you connect with your bank and proves incredibly beneficial. Here is a look at some of the most prominent AI benefits for bank customers.
Personalised and intuitive interactions
The AI will store the data of its past interactions with you and develop a better understanding of your wants and needs. Due to this, you get to enjoy personalised and meaningful interactions with the bank. The AI-powered chatbots are also apt at natural language processing and can identify the context of the conversation. By using the previously compiled data, the AI-enabled chatbots can also make small decisions on their own and provide direction to online conversations.
Quicker processing of banking requests
The AI helps banks automate several back-end processes, enabling them to attend to various customers simultaneously. On the customer’s end, receiving intelligent banking services promotes personalised, time-saving benefits when fulfilling different banking-specific requests. With AI technology, you, as the customer, also get access to sensitive information processes such as claim management and checking loan eligibility without much human interference.
Providing intelligent banking recommendations
Banks have affiliations with various vendors like jewellers, vehicle manufacturers, travel aggregator websites, airlines, and hotels. The application of AI in banking sector helps the financial institution gather information from such affiliates and predict the future requirements of their consumers by finding logic in the compiled big data. For example, if you have made inquiries with various car dealers working in partnership with your bank, the AI would recommend you procure a car loan.
Better safety measures against bank fraud
Intelligent banking-based systems are also better in safeguarding you against any transactional banking or credit card fraud. For example, if you are travelling abroad and notice suspicious activity on your bank cards, you will receive a phone call to corroborate the expenses. With help from artificial intelligence technology, you can take appropriate actions like confirming or disputing the activity and blocking your card instantly, if necessary.
AI offers a host of benefits to banks and their clients. As a digibank customer, you can leverage DBS intelligent banking services by downloading the digibank mobile app on your internet-enabled smartphone. At digibank, we take immense pride in being one of the few banks to offer a wide range of intelligent services to provide a streamlined and smooth banking experience.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.