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Transforming Banking through Artificial Intelligence
Artificial Intelligence (AI) is at an inflection point in transforming the banking industry. In today’s world, AI has updated its role from a ‘nice to have’, to a ‘must have’ in the banking industry. With a task-specific approach, AI will have an impact in solving highly complex and everyday problems in less time compared to legacy technologies. The ability to comprehend the situation quickly proves to be crucial in the key areas of banking—financial crime compliance and process efficiency.
AI integration transforms several operations in the financial industry, making a positive impact on the business workflow. Banks can provide easy access to accounts through a smartphone, making it easy for the users to clear bills. AI with its ability to learn from business systems can address the risk factor. A deep learning model converts the qualitative information, which once required human effort to analyze into quantitative data, and easily integrates with other data for further audit analysis. Deep learning algorithms further enrich audit evidence by identifying related concepts or topics, recognizing entities suchlike, people, place, events, companies, or extracting emotions like anger, joy, sad, and understand subject-action-object relationships. Ultimately, investing in the right AI technology always has major impression on operational efficiency, and its success boils down to the customer impact, thereby improving the end user’s experience.