Artificial intelligence is bringing a storm to the banking world.
When you see tech such as Alphabet, Apple,amazon and Facebook all investing in the same field, don’t guess, it must be the hottest area. AI is being used more and more, and it is increasing every day. Essentially, AI involves three of technologies: cognitive computing, machine learning, and natural language processing. With the help of these tools, the banking sector is undergoing a major transformation. Bank practitioners are using AI to improve their relationship with their customers.
Accenture’s information shows that they also plan to gather more information to better understand the feelings and wishes of each customer. AI is a powerful technology. It can provide people with relevant and reliable information at the right time, the accuracy of which is unmatched by the human brain. The new potential that AI brings to the banking industry has sprung up new businesses such as Intuit,plaid and Yodlee. The future of AI in the banking world looks very bright, but not everyone believes that this new technology will not lead to greater problems while improving efficiency.
Many people have expressed concern about the closure of bank branches, consumer discomfort with electronic instruments and the high risk of databases. Continue reading