When artificial intelligence emerged, people were suspicious about it. Although nowadays all sophisticated technologies are developed with its help. Thanks to AI we can witness further development of advanced technologies and make use of them. It enhanced a number of industries and changed our life, however the vast majority of people don’t even know about it.
In recent years AI has boosted the finance sector and updated the services rendered to customers. Clients are no longer required to go to the bank office for making any financial transactions. Luckily, nowadays we can do all possible actions connected with our finances using smartphones or other devices. However, in terms of the finance industry AI is used not only for mobile apps but also for chatbots.
AI has already changed the way we make financial transactions and will continue to do it. In this article we will show you the pivotal role of AI in financial services.
1. Risks analysis
Artificial intelligence enables people to keep all records connected with finance business. Credit cards can serve as the best example of it. When a person applies to a bank for getting a credit card, the personnel analyse all financial activities of this person. Consequently, all information about your existing banking cards, money loans and repayment ability is recorded and used for security purposes.
As you understand, there are millions of people who make use of banking services. It will take working personnel days if not weeks to find and assess all data about a particular user. In this case AI is something that enables this process to be done in a few minutes. Moreover, it also gives recommendations as to the most suitable card type for a client.
Well, some tasks which previously were done by analysts are currently performed with the help of automated processes. In such a way the number of errors and flaws has been reduced significantly. Another advantage is that it helps to speed up all the processes without sacrificing the quality.
2. Customer support
Chatbots are represented almost by all financial establishments. Enterprise software product development enabled convenient and fast customer support. Not difficult clients queries and questions can be settled with the help of these chatboxes. In such a way financial establishments can save invaluable time and money as well. Why? Simply because it replaces working personnel.
3. Security measures
The main objective of any business is to minimize possible risks and threats. When it comes to the finance industry it must be the main focus. Security vulnerabilities can really cost a fortune and your reputation. A number of banks use AI for better data and services protection. It helps avoid money frauds and identity thefts. AI systems take control over all financial transactions and quickly react to suspicious ones. When an unusual financial activity is detected, the system asks additional questions and clues or takes urgent actions for the personal account blocking. AI systems continue to develop and enhance. They quickly adapt to new dangers and provide reliable security.
4. Financial advisory services
Unfortunately, people are prone to make mistakes, especially when it comes to crunching numbers. However, thanks to machines supported by AI there are a lot of processes which become automated. Consequently, all tasks can be performed quicker and more efficiently. We must remember that not all the tasks can be easily performed by technology. Although a cooperation of AI and human resources can lead to perfect results.
5. Trading purposes
Even the finance industry has to develop and be competitive in comparison with other rivals. Artificial intelligence is essential for determining the future perspectives of the market and managing investments properly. The role of machines is of pivotal importance for settling these issues, because they can collect and assess vast amounts of data in a relatively short period of time.
Moreover, while analysing IT supported systems can detect all possible flaws and errors in the company’s performance, even the slightest ones. Another advantage of AI is that it can assist people in making decisions concerning buying, selling and holding stocks. However, it is for those who like to take risks.
Drawing conclusions
All in all, artificial intelligence has changed the finance industry significantly and made it more comfortable for clients. However, it is not the end. Some experts believe that in the near future AI will completely replace human workers. As a consequence, we will have more efficient and quick services and bank owners will be capable of saving money.