“Most banking transactions require little human intervention. However, in cases where items are flagged (for example, AML, fraud or screening checks), this requires human intervention. Given the high volumes involved this comes at significant cost to the organisation. It is therefore an excellent place to deploy new AI technologies such as Intelligent Process Automation (IPA). This streamlines processes and automates steps usually performed by people.
Look at the typical ATM infrastructure that must be managed daily. Transactions and GL account balances must be reconciled to ensure machines are working correctly, that no fraud is taking place, and there is always the right amount of cash available for banking customers without over exposure of capital reserves. Using people to reconcile and investigate discrepancies is slow and inefficient. But using AI toolsets mean these tasks can be managed consistently, at high speed and with full auditability. Volume or capacity constraints are then no longer an issue.”
“Change is always scary. Predictive analysis and artificial intelligence are rapidly reshaping the banking industry in ways that were never thought possible in previous generations. Those who decide to proceed through a digital transformation process will get to experience numerous benefits for taking that risk.
List of the Benefits from Predictive Analytics and AI
1. It improves the firm’s risk management profile.
2. Improvements to fraud detection and prevention occur.
3. It helps banks to understand their customers better.
4. New customer acquisition activities become more productive.”
“The latest version of CaixaBank’s Virtaula training portal uses AI to profile staff and identify what training they might benefit from. A chatbot, which communicates using natural language, will also assist staff accessing courses if they want to take up suggestions.
Another HR example is in Singapore, where DBS bank is using the technology to screen applicants for wealth management jobs, with the aim of saving 40 man-hours a month. A platform known as Jim (Jobs Intelligence Maestro) supports staff in reviewing CVs, collecting responses to pre-screening questions and conducting psychometric tests.”