“Westpac said its new chatbot, known as Red, is now available for 4.9 million digital customers after being launched on Monday night, part of a more aggressive shift to digital rather than physical banking. The proportion of products sold through digital channels hit 36 per cent in the half, up from 29 per cent in…
Tag: ai Banking
AI is Accelerating the Growth of FinTech Companies
“FinTechs are capable of offering quality services to their customers at a comparatively lesser cost because AI enables them to control costs at each stage. They are working aggressively towards creating a more customer-friendly financial environment by removing the complexities in documentation and product delivery.” https://www.google.com/amp/s/www.entrepreneur.com/amphtml/333278
Artificial Intelligence in Retail Banking – Current Applications
“One AI company offering fraud detection to retail banks is Threatmetrix, a subsidiary of LexisNexis. Their Dynamic Decision Platform purportedly improves account authentication and identity verification. SAS offers a predictive analytics software called Credit Scoring for SAS Enterprise Miner. The solution is an added capability of their larger Enterprise Miner solution. The software’s machine learning…
HSBC’s new money management app has racked up 300,000 users in a year
“HSBC has signed up more than 300,000 users to its new money management app in the U.K., an executive at the bank told CNBC. ‘During the course of the last few months, what we have found is that aggregation per se is not that appealing,’ he said. ‘What customers love about Connected Money is the…
What AI Can Teach Banks About Their Customers
Image: Getty “Harnessing advanced analytics techniques like artificial intelligence (AI) and machine learning (ML) is fast becoming business as usual for the banking sector, with those that don’t adapt risking being left behind. Here’s how three frontiers of AI are transforming the bank-customer relationship. 1. Machine Learning: Preventing Customer Churn 2. Natural Language Processing: Chatbots…