What problems does artificial intelligence solutions in financial institutions?
Artificial Intelligence (AI) is capable of processing large volumes of information and performing routine actions, and its implementation allows companies to eliminate the “human factor”, reduce the number of analysts and managers, and combat fraud.
Efficient and profitable, but…
Businesses in many European countries are not ready for widespread adoption of the ii — more than 40% of companies have refused to implement this technology. The reasons for not implementing Ii were given by respondents as the lack of need for it and the need for large financial investments.
Meanwhile, according to research, 72% of banks in the next two years plan to develop ii tools
Artificial intelligence is the main innovation of recent years that has excited the financial sector. Increasing the efficiency of processes and automating them is one of the main reasons banks are adopting AI today.
Experts have identified four main sectors of application for AI:
- Intelligent data analysis and business process optimization;
- Speech processing;
- Chatbots and voice assistants;
- Pattern recognition.
Analysts at the ihs market estimate that ii helped banks earn $41bn in 2018 by reducing costs and improving efficiency in the financial institution as a whole. Bank of America claims to have doubled its customer engagement after launching the erica chatbot, which helps customers manage costs based on analysis of a user’s financial behavior pattern. And Danske bank, after upgrading its anti-fraud detection process with ii, was able to increase its fraud detection rate by 50 percent and reduce the number of genuine transactions blocked by 60 percent. According to some European banks, the cost of developing and implementing the ii is not yet justified, as the operational staff can do the job better and at a much lower cost.