5 applications of Artificial Intelligence that are disrupting the banking sector

“Artificial Intelligence enables banks to manage record-level high-speed data to receive valuable insights. Moreover, features such as digital payments, AI bots, and biometric fraud detection systems further lead to high-quality services for a broader customer base. Artificial Intelligence comprises a broad set of technologies, including, but are not limited to, Machine Learning, Natural Language Processing, Expert Systems, Vision, Speech, Planning, Robotics, etc.

  1. Robo Advice
  2. Customer service/engagement (Chatbot)
  3. Credit Scoring / Direct Lending
  4. General Purpose / Predictive Analytics
  5. Cybersecurity”

https://ibsintelligence.com/ibsi-news/5-applications-of-artificial-intelligence-that-are-disrupting-the-banking-sector/

Edge computing with AI brings real-time insights to banking

  • “‘What is lacking now is real-time alerts. Banks are working now on very close to near real-time alerts — and this is where edge-computing comes in. It helps banks achieve the future trends of banking, allowing us to have an omnichannel experience,’ said Bose during his presentation at the AI Accelerator Institute summit.
  • Hyper-personalization – Bots using natural language processing to interpret and comply with customer information requests as well as perceive basic human emotions and adjust behavior accordingly.
  • Retail banking – features like SmiletoPay, whereby a user just smiles to a camera, the AI captures your features and can complete your transactions. This can be applied to retail stores, etc. Edge allows seamless integration with non-banking apps, facial recognition for frictionless payments, and more.”

https://www.google.com/amp/s/techwireasia.com/amp/2021/07/edge-computing-with-ai-brings-real-time-insights-to-banking/

AI to fight security breaches

  • “Security breaches have increased 67 per cent since 2014 and 11 per cent since 2018.
  • 4.1 billion personal records exposed in a variety of ways: 52 per cent through hacking; 33 per cent via phishing; and 32 per cent through social engineering
  • Information security system spending is expected to reach $131 billion worldwide by the end of the year
  • A recent survey found that the industry needs at least 4 million new cybersecurity personnel to effectively fight digital fraud worldwide on top of the 2.8 million people already employed by the industry. This 4 million figure is a 33 per cent increase”

https://www.google.com/amp/s/gulfnews.com/amp/business/banking/ai-to-fight-security-breaches-1.1587366963923

Passwordless Authentication: The next breakthrough in secure digital transformation

  • “Cybercrime is set to cost the global economy $2.9 million every minute in 2020 and some 80% of these attacks are password-related.
  • For larger businesses, it is estimated that nearly 50% of IT help desk costs are allocated to password resets, with average annual spend for companies now at over $1 million for staffing alone.
  • Passwordless authentication does not mean removing all security barriers to our digitalized society. It means harnessing technologies such as artificial intelligence and machine learning to save users time and save company-money.”

https://www.weforum.org/whitepapers/passwordless-authentication-the-next-breakthrough-in-secure-digital-transformation