Do it right with AI
In this technological era when most of our work is dependable on internet, machines, and Apps. In broader sense, when machines are programmed as a human intelligence to understand human day-to-day activities and needs, is called as Artificial Intelligence. This technology is not new. The term ‘Artificial Intelligence’ is coined by John McCarthy, way back in 1956.
It is the fastest and going technology for companies across the world to personalize experience for individuals. This technology itself is getting better and smarter day by day, allowing more and newer industries to adopt it for better operations. Just like other segments banks are exploring and implementing the technology in various ways.
Artificial Intelligence includes smarter chat-bots for customer service, personalizing services for individuals, and even placing an AI robot for self-service at banks. Unsurprisingly, research firms are bullish on the potential of AI in banking. There is a keen interest in the Indian banking sector as well. It is not new to India. Research institutions and universities have been working with various technologies for decades. AI is now becoming new mainstream for large enterprises and start-ups looking at different opportunities for business expansion.
From answering queries to enabling payments to friends to make useful recommendations, the chatbot is most popular application of AI in banking. IT helps the customers to to transact, pay bills, deposit/transfer money, and track savings.
AI is very useful for industries like banking and IT in terms of-
· Targeting Audience in masses- Through AI we can send our message to a wider range of audience at the same time.
· Giving ways to customers to transact with you directly anytime, anywhere- While capturing broader audience, AI gives a way to customers to transact with each other directly without any mediocre for a crisp apt and accurate source of information.
· AI is transforming Banking Services- When a machine is directed accordance to human’s convenience, it works exceptionally good. But we cannot ignore the fact that due to AI, we can possibility see an increased rate of unemployment.
· Easy to make Rapid correct Information – With AI, we can make a rapid changes in the information.
· AI is solving major challenges in microfinance- AI has proven to be very useful for solving major challenges in very few budget.
· Less Efforts – The entire process of making AI in such a way that it consumes the command appropriately and answers the queries as per the customized answers already fitted into the machine.
With good numbers of data scientists available to do work with universities in India, to develop skilled data scientists as well as develop in-house training programmes to train employees on data scientist skills. Identification of right implementation of AI with helpful domain experts and data scientists can help banks in successful implementation of AI technologies for banking functions.