AI helps unlock data potential of banks

  • “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.”

Deltec Bank, Bahamas says – Predictive Analytics and AI Change Banking

“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.”

AI Will Give Rise To FinTech 2.0 And Longevity Banks

  • “The most valuable and capable client demographic in terms of purchasing power are the citizens of the 7th Continent which is made up of 1 billion people over 60.
  • The global spending power of this demographic is expected to be $15 trillion this year.
  • The Longevity AI Consortium at King’s College London is developing sophisticated methods for translating advanced AI for Longevity solutions including novel applications “

Spanish bank applies AI to staff training

  • “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.”