Currently, we have yet to achieve the numbers we see in the movies next level in the world. But we have to go very far. Artificial intelligence is one part of it pushes the world forward.
Banks need to progress. In fact, we see banks and credit unions use of technology is more advanced than ever before. They do a lot of work in website development, email marketing campaigns, as well as digital advertising and personalized consumer experience and so on.
According to the banking system 2017/2018 survey showed that the construction of internal resources is more important for the banks. They hired IT staff are more than ever before. 2017, IT employees an average of 25% of the total number of bank employees.
But how banks implement artificial intelligence it? We have not seen some significant progress. We will list the artificial intelligence in the banking business in five important applications, these applications are likely to witness in the next five years.
1. predictive analytics
predictive analysis for banks will become increasingly important. Dutch bank ING service providers to develop a revolutionary tool called the Katana. It is a predictive analytics tool that helps traders to customers in the sale and purchase of bonds Times a more favorable price. Katana using real-time and historical data to provide accurate information.
Test results were very successful. ING on its Web site claims that the implementation of the tool makes it faster and 90% of the transaction price, transaction costs reduced by 25%. Therefore, traders can offer the best price for their clients.
Marketing experts from Lauren Smith's Essay On Time admit predict another aspect of the analysis: "A tool like Katana can help banks service provider for the banking industry in terms of self-promotion, marketing, not just keywords, visitors to blog and SEO,. but development tools consumers need, and to promote them as like ING. "
No wonder why we see more and more banks share with the audience more articles. They do not have to hire a writer as part of its employees. They rely on high-quality writing services, such as EduGeeksClub and A-Writer.com, share news about artificial intelligence in their practice.
2. Recommended engine
personalized customer experience is one of the key contribution of AI in any industry. In the banking sector, AI system learns from the user's behavior. According to previous actions, it can recommend an appropriate investment strategy, credit card plan, and make other concessions to save a lot of time browsing the site. In addition, AI system enables bank employees to more effectively recommend appropriate plans.
Artificial intelligence will play an important role in how the future development of recommendations. Big data is only growing, it finds its true purpose in the recommendation engine.
3. fraud detection and prevention
with the rise of artificial intelligence, the bank received a huge boost in their efforts to provide customers with security experience. Most top banks rely on fraud Falcon cognitive assessment system based on FICO's fraud analysis.
Based on self-learning artificial and real-time behavior analysis technology, the system can detect suspicious behavior and prevent fraud. These types of systems are not fully achieve its potential. We will see them become more powerful and more reliable.
4. competitive advantage
"over the next three years, mainly due to what your organization plans to invest in technology?" This is a problem in 2018 in the global banking outlook. 70% of respondents expressed the need to strengthen the competitive positioning, build market share as the primary task. 67% of respondents responded "to expand access to, and attract retail customers."
We finally saw the bank out of the institutional status of the regulatory drive. They are ready to become the company's restructuring. Their marketing efforts will not be done based on the content of their websites hire Essays On Time author. They are becoming mature. They use artificial intelligence software to understand what their target audience needs and develop products really attract their attention.
Bot is another artificial intelligence, the bank used it to gain a competitive advantage. They are based on AI chat system that can simulate a dialogue between the customer and the bank, without any human customer service representative. In the future, robots will become more advanced chat. Even expect them to detect the user's mood and react accordingly.
AI used to improve the implementation of marketing does not stop there. Banks can also use AI technology for intelligent content management, covering the use of voice search, the main score, targeting and other personnel.
5. Human Resource Management
hired the right people in the human resources department is always difficult, they are looking for talent to fill staff positions in all sectors. In addition, they also care about the entry and analysis of large data. But with the implementation of human resources, technology, and their work has become easier, and these departments are also getting smaller and smaller.
The program can handle the HR leave management, tracking overtime and perform other tasks in the schedule, the easiest way to arrange shifts, and manage mobile expenses. These plans also cover all aspects of entry and reporting. Many HR processes are automated, this element of artificial intelligence will only get bigger in the banking industry.
The bank will make full use of artificial intelligence
which we can be sure of something. why? Because the banks have no choice. AI to make them more effective, it makes everyone's job easier. In addition, competition is beyond question. Big banks already use sophisticated AI. They have in-house team of talented data scientists and others continue to develop new technologies and technical staff.
Small banks are restricting the use of artificial intelligence to improve customer relationships and improve operational efficiency. We will see AI application made significant progress in the coming years.