Banking & Finance are Data-Intensive businesses. They can’t avoid AI because AI can provide intelligent predictions & recommendations by utilizing that data.
Banks know their customers far more intimately than any other business. So can make highly relevant recommendations on financial products using AI Machine Learning.
AI as a technology brings immense potential of automating repetitive manual tasks therefore there is definitely a perspective of optimization of time, effort and cost. But the most important perspective is the intelligence and efficiency it brings to the table which is significant.
The entire world is heading toward a revolutionary transformation from “digitization” to “cognification”, and financial institutions like banks are no exceptions. In fact, banks and financial institutions are the ones who have recognized the potentials of digital technologies and artificial intelligence at a very early stage and adopted in their transformation journey. One of the main reasons behind implementing AI is essentially banks have an advantage over other businesses in terms of knowing their customers more intimately than anyone else and can utilize such information to make highly relevant and personalized recommendations about the financial products and services. This is where a technology like AI brings a lot of value; which can help getting inferences out from the customer information by referencing various data sources.
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