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The use of cognitive technology in conjunction with Artificial Intelligence (AI) brings the benefits of digitization to banks and helps them tackle the competition that fintech players face.
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2/1/2021 Examples of Artificial Intelligence In Banking in 2021 | by Kalyani Tangadpally | Feb, 2021 | Medium Open in app Kalyani Tangadpally 2 Followers About Examples of Artificial Intelligence In Banking in 2021 Kalyani Tangadpally Just now · 3 min read Image Source: openpr The use of cognitive technology in conjunction with Artificial Intelligence (AI) brings the benefits of digitization to banks and helps them tackle the competition that fintech players face. In fact, according to research by the National Business Research Institute https://kalyanitechblogs.medium.com/examples-of-artificial-intelligence-in-banking-in-2021-762fa27f02f1 1/4
2/1/2021 Examples of Artificial Intelligence In Banking in 2021 | by Kalyani Tangadpally | Feb, 2021 | Medium and Native Science 2 US, 32% of financial services companies already use AI technologies such as predictive analytics and voice recognition. Artificial intelligence is the future of banking as it brings the power of advanced data analytics to deal with fraudulent transactions and improve compliance.AI algorithms can take action against money laundering in seconds, otherwise, it might take time. Hours and days, AI has helped banks maintain record-breaking data to gain valuable insights from it. Features such as AI bots, digital payment advisors, and biometric fraud detection policies drive high-quality services to a broader customer base. All of this translates to increased income. How Companies using Artificial Intelligence in Banking? Examples of Artificial Intelligence #1. KASISTO: The first digital bank, sometimes referred to as a “challenger bank,” or “Neo Banking,” earned headlines and attracted large investors in some parts of the world, especially in the UK, over the years. Past They haven’t grown in America like elsewhere, but Kasisto is one of the most prolific midwifery firms and is based here in America. Recommended: AI For Sales and Marketing A key contribution to Kasisto is the KAI chat AI platform, which banks can use to build their own chatbots and virtual assistants. It is rooted in AI reasoning and natural language understanding and building, meaning it can handle the complex questions about financial management that digital assistants serve other banks’ customers like Bank of America’s Erica. No Kasisto has sponsored AI assistants for many well-known financial institutions (including Liv., Digital banks in UAE, DBS Bank, Standard Chartered Bank, and TD). The bot that works in the bank’s KAI will guide clients on how to transfer money internationally, block credit card charges and transfer you to human assistance when bots hit the wall. #2. HOOYU Biometrics has long graduated from the sci-fi realm. (Think Blade Runner’s iris scanner) comes as a real-life safety protocol. Chances are, a form of smartphone’s fingerprint https://kalyanitechblogs.medium.com/examples-of-artificial-intelligence-in-banking-in-2021-762fa27f02f1 2/4
2/1/2021 Examples of Artificial Intelligence In Banking in 2021 | by Kalyani Tangadpally | Feb, 2021 | Medium sensor is sitting in your pocket or purse. At the same time, biometrics such as facial and voice recognition is becoming more and more intelligent when it comes to artificial intelligence, which draws massive amounts of data to fine-tune authentication. The security system is self-evident. But these innovations also help banks in customer service. The latest example worth noting is NatWest, which in June became the first major bank in the UK to allow clients to open accounts remotely with selfies. AI-powered biometrics developed by the HooYu software partner — matches the applicant’s selfies with real-time passports, government-issued IDs. Cards or other official photo ID documents That’s the standard operating procedure for mobile-only digital banking startups that have taken place in the past few years. But the arrival on the high street proves that users’ desire to cancel collaboration, even the application process from brick-and-mortar fields, is not a specific request. #3. Scientific system In addition to other financial services, Scienaptic Systems has an underwriting platform that allows banks and lending institutions to be more transparent while reducing losses. Scienaptic Ether connects thousands of unstructured and structured data, intelligently transforms data, learns from each interaction, and delivers contextual distribution data. https://kalyanitechblogs.medium.com/examples-of-artificial-intelligence-in-banking-in-2021-762fa27f02f1 3/4
2/1/2021 Examples of Artificial Intelligence In Banking in 2021 | by Kalyani Tangadpally | Feb, 2021 | Medium USM Business Systems is one of the leading service provider in Artificial Intelligence, HR Management systems, App Development, Data Quality solutions, Work Force Service to build interactive experiences for all major platforms. As a prominent Mobile development company, we are delivering top-notch and high-quality App development services to various brands and businesses irrespective of the industry. WRITTEN BY Kalyani Tangadpally SEO Executive and a Content Writer interested to write on Artificial Intelligence, Mobile App development, Machine Learning, Deep Learning, HRM & tech Blogs Ai In Banking AI Artificial Intelligence Examples Of Ai In Banking Ai In Finance About Help Legal Get the Medium app https://kalyanitechblogs.medium.com/examples-of-artificial-intelligence-in-banking-in-2021-762fa27f02f1 4/4
