Banks have grown to rely on AI more than ever. With the abilities of advanced analytics, banking has changed the way it functions on a day-to-day basis. By 2023, the banking sector is expected to save $447bn simply with the help of AI. Banks have become increasingly aware of the importance of AI and have begun to deploy customer solutions using the same. With the help of AI, banks can transform the customer experience.
Artificial intelligence can be used in three channels of the banking industry. The first is the front office (conversational banking), the second is the middle office (anti-fraud) and the third is the back office (underwriting).
Large companies such as Citibank, Capital One, JPMorgan, and HSBC have begun to employ AI in their front and middle offices.
Some of the key points are:
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