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© 2019 Bernard Marr, Bernard Marr & Co. All rights reserved
Artificial Intelligence (AI)
So, how do financial institutions use artificial intelligence? The most visible way
the banking industry uses artificial intelligence (AI) is for customer service from
chatbots and robots. Many of the largest financial institutions, such as Bank of
America and JPMorgan Chase, use AI to streamline customer service. Another
customer-facing way AI is deployed is to facilitate mobile banking that allows
24/7 access for consumers to conduct banking operations. AI is also
instrumental in the way financial institutions enhance security and prevent and
detect fraud. The technology helps financial institutions with risk management
and lending decisions and is foundational in making other technology such as
big data analytics, robotic process automation, and voice interfaces work.

Published in: Economy & Finance
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