AI in banking is nothing new. However, banks are utilising it more often to deliver better service.
There are various implementations of AI in banking. You can use it for customer service, for product offerings, or for security. As a result, there are now a variety of specialist providers helping banks with all of their AI needs.
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Using AI in banking
Singapore-based bank firm United Overseas Bank (UOB) partnered with Israeli fintech Personetics in July to modernise its AI-based solutions in a step to improve customer services in Southeast Asia. This is an attempt to improve the bank’s insights from transactional data.
HSBC and analytics firm EXL launched a digital (Know Your Customer) KYC solution. Using AI, as well as robotics, it hopes to reduce compliance cost and improve onboarding.
Moreover, Canada-based Credit Union and Conexus Credit Union are piloting an Amazon Alexa banking feature. It is the first in the country and with AI and machine learning aim to radically improve voice banking.
AI fraud detection
Utilising AI in banking is becoming more prevalent for security reasons.
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By GlobalDataUS-based data analytics firm FICO introduced retail banking solutions this year specifically involving AI fraud detection.
The solutions include FICO Origination Manager, FICO Strategy Director, FICO Debt Manager FitAgent, and FICO Customer Communication Services (CCS).
FICO Origination Manager has been designed to offer consumers multiple options for appropriate terms in real time.
It also interacts seamlessly with Alternative Deal Structure (ADS) to present a set of differentiated options by assessing thousands of alternative offers.
FICO Strategy Director offers plug-and-play industry configurations to facilitate rapid decision authoring and management.
African Bank, LHV, Basisbank, and Raiffessen Bank have all taken on FICO’s technology over the past twelve months.
Moreover, IntSights Cyber Intelligence has launched a new threat intelligence and fraud detection solution for financial services and banking organisations.
Also, Commonwealth Bank of Australia (CBA) has introduced its own chatbot that uses artificial intelligence (AI) to assist customers with more than 200 banking tasks.
Dubbed Ceba, the new chatbot will enable the bank’s customers to activate their card, check account balance, make payments, or get cardless cash apart from many other functions.
