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The interesting role of Data Science, AI and their significant impact on the Banking & Finance Sector

Banks have grown to rely on AI more than ever. With the abilities of advanced analytics, banking has changed the way it functions on a day-to-day basis. By 2023, the banking sector is expected to save $447bn simply with the help of AI. Banks have become increasingly aware of the importance of AI and have begun to deploy customer solutions using the same. With the help of AI, banks can transform the customer experience.

Artificial intelligence can be used in three channels of the banking industry. The first is the front office (conversational banking), the second is the middle office (anti-fraud) and the third is the back office (underwriting).

Large companies such as Citibank, Capital One, JPMorgan, and HSBC have begun to employ AI in their front and middle offices.

Some of the key points are:

  • The greatest cost-saving options can be found in front and middle offices across banks.
  • Banks have employed artificial intelligence mostly for smooth customer services, provide a simulation of live interaction with chatbots and voice assistants, and generate personalized reports for improving the overall banking experience.
  • AI is also being implemented in the middle offices to detect theft and fraud activities, as well as to prevent money laundering and know-your-customer (KYC) services.
  • Banking is one of the largest goldmine sectors and has also employed AI to create a more holistic approach to increasing the prospects and capturing opportunities. This includes smoother experiences between banks' business lines, usable data, qualified employees, and partnerships with external agencies.

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