Artificial Intelligence In Banking
Artificial intellegence is a rising field which can be seen almost everywhere around us. AI is not only in tech fields, rather it can be seen in Medical Finance, Automobile, Electronics, and Banking also.
AI makes many tasks seamless, smooth, agile and rapid. In feilds such as banking and finance, integrated with security also, it becoms better for these areas also.
Uses of AI in Banking can be found in several ways:Wealth management and portfolio management can be done effectively and efficiently with AI.Wealth management and portfolio management can be done effectively and efficiently with AI.
Another useful application of AI is a card management system. It not only automates the credit and debit card management system but also makes it safer. It helps the customer get rid of a long authentication process in the case of losing the card.
Risk assessment process while giving loans is very complex and critical process. It requires both accuracy and confidentiality. AI can handle and simplify this process by analyzing relevant data of the prospective borrower. AI can combine analyze the data related to the latest transactions, market trends, and the most recent financial activities to identify the potential risks in giving the loan.
Banks should be bankable for providing secure and swift transactions. AI is designed to detect the fraud in the transactions on the basis of a pre-defined set of rules. Also, the mobile app can find out any suspicious activity in the customer’s account on the basis of behavior analysis. For example, any online transaction of a huge amount from the customer’s account that has a history of small transactions can be figured out instantly.
Globally, hedge funds prefer AI-based models. It is because AI-related tools can fetch real-time data from various financial markets across the world. Also, AI models can analyze the mood or sentiments of different financial markets and come up with an accurate prediction.
AI is growing and is being opted by all major sectors, hence it provides a great area for research.