AI is leading the front of digital transformation strategies in banking and finance today. According to the McKinsey Global Institute, the use of AI in improving core banking operations and tailoring the services delivered will increase value across the industry. Financial services are getting a makeover from AI, ranging from chatbots and voice assistants to process automation, and predictive analytics.
For instance, Cognito, a startup based in the US uses AI and ML to offer a conversational banking experience. Through various messaging channels, the company addresses on-demand financial data access, prompts the management of customer queries, and offers them a customized interface. Cognito’s chatbot focuses on lead generation and strengthening the loyalty of existing customers.
Solfeh, a loan management startup based in Jordan has developed a fintech platform that focuses on the online management and obtaining of same-day microloans. This minimizes paperwork and ensures the security and confidentiality of financial data. Goin, a Spanish money-saving startup has created a smartphone app for financial management which gathers data on purchases encouraging its users to save money, suggesting automatic transfers and options of retention while hosting motivating lifestyle challenges that are related to personal finances.
AI plays a big role in the banking sector. The need for AI has been especially prominent since the beginning of the Covid-19 pandemic with customers wanting to engage more digitally as opposed to visiting the banks physically. Online and mobile banking increased by an estimated 20% to 50% since the start of the pandemic and this will not slow down even after the pandemic ends. Banks find AI useful in both their backend and front-end operations, and adoption of AI is only predicted to increase across the whole industry over the next few years.
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