Artificial Intelligence: The Future Of Banking

Using natural language processing, cognitive computing, and other components of machine learning, these are the upsides that Artificial Intelligence (AI) offers the Banking Industry.

Bank customers, especially the young ones, are often puzzled at the irony that social media platforms seem more efficient in carrying out instructions than their financial institutions. Statistically, banks have an in-depth data of their clients than any social media platform but are yet to use that information to predict the future financial needs of their customers.

This gap can be attributed to certain factors including legacy systems, complex compliance requirements, and old-school cultures. Certain measures have been taken to bridge the technology gap, one of which is the GTWorld application. The multi-functional mobile banking app features biometric authentication, such as facial recognition and fingerprint, which recognizes a customer and adapts to how and when they want to bank. GTWorld offers customers access to more than 90 percent of the Bank’s services on their smartphones, guarantees further security through biometric authentication and ensures convenience through the Quick feature, which enables a user to perform transactions without signing in, among others.

The bar is set to go higher as banks, taking their cue from social media are now embracing a host of new technologies such as artificial intelligence (AI) – including machine-learning algorithms and natural language processing – application-based services, cloud storage, and real-time data management. Artificial Intelligence (AI) has been touted as the next major disruptor of the financial services sector.This innovation is driven by a number of factors including the embrace of digital channels by clients, technology advancement in data management and analytics, and ever-rising expectations of clients and regulators.

Using the components of machine learning, natural language processing, and cognitive computing, artificial intelligence presents advantages within banking that include:

  • Anti-money laundering: AI has the ability to identify fraudulent behavior while it is happening, as well as identify what the next pattern of suspicious behavior will be. With existing technology architecture, this is often a very expensive and inefficient process but with Artificial intelligence channeled through location data, this process can be solved easier.
  • Meeting regulatory requirements: Technology can be used to ensure that regulatory requirements are met and that data is kept with monitoring done on a real-time basis. This allows issues to be tackled much faster than it is done presently.
  • Improving the customer experience: AI provides the opportunity for efficient and quicker decision making by deriving deep and actionable insights (e.g. customer behavior patterns and habits). Some of these interactions will be with a new voice or chatbot technology while other applications will be behind the scenes, supporting marketing communication.
  • Boost customer engagement: Artificial intelligence will assist in the creation of customized and intelligent products and services, with new features, more intuitive interactions (e.g. speech) and advisory skills (e.g. personal financial management that is geared towards the requirement of the particular customer).A fusion of humanity and technology is what makes AI so powerful and needful today and in the future. As technology advancements increase the efficiency in the delivery of customer experience, instead of viewing technology as a barrier to enhancing relationships with customers, financial services companies should view technology — particularly AI — as its helper.Currently, GTBank is a step ahead of other Nigerian banks in terms of technology and modernized banking. Therefore, the financial institution is steadfastly working on including artificial intelligence to its online/mobile banking apps services. This way, your banking pattern is recognized and your regular transactions are replayed any time you log in using your banking profile.

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