The banks is one of the major areas undergoing major transformation with the advent of AI (Artificial Intelligence). Having large capital de facto, the banking industry has the necessary resources to invest in machine learning.
According to a survey conducted in the UK, over 80% of people do not trust AI with their money. This is perhaps understandable given the concern surrounding the idea of stand-alone computers, and let's not forget the lack of understanding around basic mode of AI.
The AI in the banking sector.
The potential of AI in banking is enormous. According to a Business Insider report, it offers overall cost savings of up to $ 443 billion up to 2020.
In the same report it is estimated that saving money on each middle-officethat is, some groups of employees in the institutions financial services, will be up to 217 billion dollars, mainly through the application of AI to its processes Know Your Customer.
Machine learning is special applications in the area of security, in particular the ability to adapt to new threats and prevent fraud with ID verification. This could be a particular advantage in the fight against cyberattacks, where the trends of attacks are unpredictable and constantly evolving.
Most banks invest in customer service through AI. One of the most popular uses of Artificial Intelligence in banking is chatbots. These bots respond to user queries and can perform basic functions, such as credit card locking and alerting customers to unknown payments. In addition, banks are investing in AI back-room that can provide solutions to many different issues.
Most importantly, banks are not going to invest in AI unless it is a completely safe and reliable move. This would jeopardize both their operations and their clients' money. There may be fear around it Artificial Intelligence to insist, but we must not forget that it helps people's safety.