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By Annie Johnson, APAC CIO Outlook | Friday, February 05, 2021
Cognitive computing can evaluate factors related to customer behavior, enabling security systems to understand the possibility of a transaction being legal and determine if banks need to provide additional security by enabling verification steps or minimizing it.
Fremont, CA: Cognitive computing is the branch of computer science that helps machines think and behave like humans. Like artificial intelligence (AI), cognitive computing evaluates data and makes decisions autonomously but acts similar to human behavior. They are designed on AI systems with the added ability to communicate with humans and understand the situation.
Banking and financial institutions are adopting technologies to automate their processes to meet their customer needs. Apart from automating the back-end and administrative tasks, these technologies are also taking over their customer-focused activities, including essential banking services like money withdrawals, payments, and transfer of funds, bank statement printing, and resolving transaction-related issues, and solving account-related queries.
Here are three ways cognitive computing with change the financial services industry:
Enhanced Security and Identity Management
Cognitive computing allows security systems in banks and other financial institutions to be robust and versatile, which helps reduce the risk of illegal transactions, identity theft, and data breach, as well as make it easier to carry out legitimate transactions.
Cognitive computing can evaluate factors related to customer behavior, enabling security systems to understand the possibility of a transaction being legal and determine if banks need to provide additional security by introducing verification steps or minimizing it.
Cognitive computing with advanced natural language processing abilities can help businesses collect insights from various sources and make decisions according to detailed information. These decisions will be low risks, leading to more effective actions and yielding better results.
Contextualized Customer Service
Customer care chatbots reduce the need for human executives to be involved in certain cases. Cognitive computing in financial institutions’ websites and mobile applications will enhance their functionality and solve complicated queries with precise information. These chatbots understand any query types in natural language and convert the information needed from the organization’s database for customers to understand.