Artificial Intelligence in Banking Opportunities can’t be ignored

Artificial Intelligence has influenced our lives greatly over last few years down the timeline. Although we are yet to witness full-fledged applications of Artificial Intelligence, the range of AI has already covered a vast area in the technological space, which has directly or indirectly affected us. Following the Machine learning applications protocols, AI-powered machines are intelligent enough to learn on their own, and this in fact, has proved to be quite a boon for the mankind. If we look at its progress in last few years, we find that AI has influenced almost every domain, and today, it is no wonder that banks as well are looking for new ways to optimize internal processes easier to improve customer experience, and hence, customer satisfaction.

Banks are financial institutions which are required to stay up 24/7 because financial transactions could also happen anytime in a day; though from user’s perspective, the actual problem is lack of 24/7 customer support. But now-a-days, few banks are providing customer support with the help of adoption of Chatbots.

AI is being implemented on a large scale by all enterprise, either big or small, and likewise, some of the biggest banking institutions have also identified the potential of artificial intelligence in banking:

1. Understanding Customers’ Behaviour: Understanding your customer is much more than acknowledging their basic statistics. AI can give a profound analysis of customers’ behavioural patterns and financial report rather than taking a gander at fundamental data, for example, age, gender or salary.

Banks are becoming customer-centric, by getting to know their customers from closer than ever, with the help of AI. This is the reason why Robo-mentors are in great demand these days. AI has improved banks’ understanding of customers’ insights.

Upgrading client’s behaviour, specifically, is one of those territories where AI can truly be utilized to follow up the patterns through the information available, and design organized data structures that have been out of our reach up yet. This data can in turn be used to provide better customer support, process optimization, personalized suggestions, and much more to the customers.

2. Customer Onboarding: By knowing the customer appropriately, AI can help make a seamless, assisted onboarding process that will eliminate various steps that customers as well as banks have to follow.

For example, AI powered Chatbots can be used to quickly understand fundamental inquiries that in turn automate frequently repeated queries. This broadens a bank’s quest for conveying more on-demand administration, and supports crosswise over channels. By implementing AI, banks can engage with their prospective customers, at an early stage using voice digital assistant process, the vice versa goes for the customer.

3. Easy Risk Management: For any bank, the most important thing is to manage loopholes and risks involved. And with AI integration, risk management is as good as solved, as due to its predictive nature, risks can be assessed, calculated, and mitigated before they could pop up and bring harm to the chain.

In other uses cases, AI is being applied to fraud detection & prevention in banking, and various fraud tools are present that can mine data to uncover meaningful pattern which is basically utilised by banks. But using AI, these risks can be minimised and automated analysis can be performed. Probing such large amounts of data manually without error was just not possible.

So, by leveraging the AI factor, no matter how big or small your organization is, virtually any financial services organization can cross routine hurdles in new, innovative ways.

Ready to take your organisation to the next level with AI?

If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

Technology Trends that will dominate 2018 to 2020

Everyone is in awe of the way technology has evolved right before their eyes. With the help of a gadget that fits your pocket, it is possible to retrieve any kind of data and utilize it in various different ways. Isn’t that astonishing? There is continually something new in the technological front, and we can’t resist the urge to hold up and ponder what innovative wonders we have coming.

With the kind of anticipation masses show for budding technologies, we get to see changes in digital trends, every now and then. Advancement in mobile, cloud and big data have been playing a vital role in the realm of technology. Upon retrospection, we can say 2017 has been a great year for the development of digital space, but we are all set to move on, and already quite intrigued about what 2018 has in store for us.

Here is a little preview of what we can expect from the digital sector in 2018 and years that follow:

Here is a little preview of what we can expect from the digital sector in 2018 and years that follow.

Internet-of-Things (IoT): Devices like smartphones, tablets and almost anything with a sensor on it, if connected to the internet, will collect & exchange information and send over to a common network that is synchronized at a global level, at all times. This network is known as “Internet of things”, which brings convenience to our tables never before. For industries, it means complete transparency in sharing of user data and utilizing it for purposes much bigger than we could imagine.

IoT uses Machine readable identification tags. Sensors are used along with these tags to collect information about objects that are used in daily life. It is applicable in many companies as well where computers would keep track of stock available and resources and maintain them to optimum levels which in turn, saves a lot of time and money.

Internet-of-Things (IoT) and resulting interconnections of smart home technology for years. So what’s the holdup? Why aren’t we all living in smart, connected homes by now? Part of the problem is too much competition, with not enough collaboration — there are tons of individual appliances and apps (android / iPhone) on the market, but few solutions to tie everything together into a single, seamless user experience. Now that bigger companies already well-versed in uniform user experiences (like Google, Amazon, and Apple) are getting involved, I expect we’ll see some major advancements on this front in the coming year.

Since few bigger companies like Amazon, Apple, Google & Microsoft that are already trained in providing uniform User experience are getting involved and surely we can see major growth of IoT domain.

Machine Learning: Machine Learning is a form of data analysis that automates analytical model building. Using algorithms that continuously assess and learn from data, machine learning enables computers to gain hidden insights. However, discoveries occur without programming systems to explicitly look for these digital treasures.

Machine learning is a form of data analysis that is used for automating Analytical model building. It is evolved from the study of pattern recognition and computational learning theory that is used in Artificial Intelligence. It uses algorithms that continuously assess, learn and make predictions on the data it collects from sources.

In the coming year 2018, we are expecting to see machine learning updates over a broad range, entering almost any type of consumer application you can think of. It is expected that using Analytics app, machine learning will improve user experience in almost every industry.

Integrating Physical-Digital Realities:

Undoubtedly, technology is getting added into our daily lives with the help of mobile devices. Using smartphones, everyone is able to access immense amount of information in this real-world. Already, we can buy and pick up products in physical retail location sitting right at home.

But surely, we are going to move ahead by integrating physical and digital realities. For example, few brands like Amazon are planning to have more physical products like Dash Buttons. Few digital features also like product trials will also be implemented. One such example is Lenskart where you can try your spectacles virtually.

Augmented Reality and Virtual Reality:

Virtual reality is recreation of a real environment with the help of artificial or computer generated simulation. Virtual reality is possible through a coding language known as VRML (Virtual Reality Modeling Language).

Augmented reality is a technology that makes it possible to interact with existing reality by integrating computer generated enhancements which makes it more meaningful.

AR and VR have already landed up in the market. We have also seen Pokémon Go, an AR game which has over 100 million downloads. The market is ready for AR and VR. But it is going to be next year before we see things really going forward. Be ready for AR and VR versions of practically everything in 2018.

So, the coming year is again going to be a technologically advanced year. Get ready for new tech manoeuvre!!!

Ready to take your business to the next level with AI?

If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.