AI helps banks to predict future trends as well as outcomes. It has the power to predict future scenarios by analyzing past behaviors. Therefore, banks can easily identify fraud, detect anti-money laundering patterns, and make customer recommendations. AI is capable enough to detect suspicious data patterns among humungous volumes of data, which further helps in fraud management.

1. Artificial Intelligence / Robotics in
Banking Sector
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Artificial Intelligence / Robotics in Banking Sector
Do you know the Banking and Financial services industry is seen to be growing at
a rapid pace over the past few years with the implementation of technological
advancements? So, banks can deliver faster, more secure, and reliable services.
However, banking enterprises have had to find a way for delivering the best possible
customer experience to stay competitive in an increasingly saturated market-
especially when the banking sector is heading towards the widespread adoption of
virtual banking.
Digital transformation today has become a major priority for many banks. In this
context, Robotics Process Automation is just one aspect of the entire digital
transformation process. Banks can make the best use of Robotics Process
Automation for carrying out repetitive tasks such as data entry, automating customer
service, and back-office workflows. Not only this, RPA can also be supplemented
with technologies like Artificial Intelligence, to handle sophisticated processeswith
higher accuracy as well as efficiency.
Enhancing Robotics Process Automation with Intelligent Automation
Robotic Process Automation provides the basics, required to automate processes.
To further enhance RPA, banks have started to implement Intelligent Automation
(IA). Intelligent Automation enhances RPA through technologies like Machine
Learning and AI.
In this way, the Intelligent Automation industry has become capable enough to
expand the processof business automation within the banks. Now, simply check out
how Intelligent Automation works in banking:
 Intelligent Automation enables banks to automate complex end-to-end
processes.
 These processes typically involve the use of structured as well as
unstructured data.
 IA systems can easily communicate using human languages, classify, and
recognize ‘sentiment’ with the help of technologies like AI and Machine
Learning.
 This understanding of sentiment or language further enables IA to operate
in a completely automated fashion.
 It even automates the entire workflow processes that would have previously
required human intervention.

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How AI is strengthening the competitiveness of banking enterprises?
a) Improved customer experience
Artificial Intelligence develops a better understanding of their customers and their
behavior based on past interactions. This allows banks to customize financial
products and services. Also, by adding personalized features and intuitive
interactions, banks can deliver meaningful customer engagement and build strong
relationships with their customers.
b) Prediction of future trends & outcomes
AI helps banks to predict future trends as well as outcomes. It has the power to
predict future scenarios by analyzing past behaviors. Therefore, banks can easily
identify fraud, detect anti-money laundering patterns, and make customer
recommendations. AI is capable enough to detect suspicious data patterns among
humungous volumes of data, which further helps in fraud management.
c) Cognitive process automation
With the help of it, automation is possible for a large number of information-
intensive, costly, and error-prone banking services, for example, claims
management. This secures ROI, reduces costs, thereby ensuring accurate as well as
quick processing of services at every step
d) Realistic interactive interfaces
Chatbots can identify the context and emotions in the text chat and respond to it
most appropriately. AI-powered Chatbots enable banks to save time and improve
efficiency, thereby helping banks to save millions.
e) Effective decision-making
Do you know Cognitive systems can think and respond like human experts? Also,
it can offer optimal solutions based on available real-time data. These systems can
keep a repository of expert information in their database, called a knowledge
database. Bankers can use these cognitive systems for making strategic decisions.

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f) AI-driven future in the Banking Sector
Artificial Intelligence can empower banks by automating their knowledge
workforce. Not only this, the whole process of automation gets intelligent, which is
enough to prevent any sort of cyber risks. AI is integral to the bank’s processes and
operations, and it keeps evolving and innovating with time without considerable
manual intervention.
Nowadays, the country’s economy is stepping ahead in terms of digitalization, and
this is the reason the number of customers is continuously rising in the banking
sector.
To meet the expectations of its customers, the banking sector is assisting people
with services like mobile banking, e-banking, real-time money transfers, and much
more.
In the banking sector, the primary aim of Artificial Intelligence is to assist its
customers and further keep their preferences as a priority. In addition to this,
Artificial Intelligence plays a pivotal role in ensuring that their customers remain
happy with the services offered by the bank. Moreover, AI or machine intelligence
can help the bank understand the necessities of their customers.
Want to know more! Please drop us an email at digital@in10stech.com