It’s not a secret the Banking and Financial industry is dominated by Big Data management. Technologies of AI provide a competitive advantage by analyzing sophisticated data and by empowering digitalization processes.
Nowadays more than 30% of serving companies have been exploiting Artificial Intelligence systems. These systems enhance the security of transactions by technologies like Prognostic Analytics, Voice Recognition, and many more. This has been revealed by a recent study of the National Business Research Institute & Narrative Science 2.
Service providers within the financial sector have to deal with the following main issues:
Cyber-crime. Artificial Intelligence technologies can assist banking corporations to anticipate forthcoming results and trendings. AI can prognosticate prospective situations by assessing preceding behaviors. With these practices, banks can protect their business by preventing fraud, money laundering, and recommend to their clientele actions to protect their accounts.
Regulations of Compliance. Regulations are rapidly changing and automation systems in monitoring, auditing, and simplifying the operations are dramatically important. Within this context, AI has a lot of perks to offer for several kinds of financial organizations.
Finance & Big Data Management. The industry of banking has a lot of gains to exploit from applying Big Data Management. Valuable data now can be gathered automatically from popular social media platforms, customer databases, or news feeds. This cannot be implemented without the power of sophisticated software of analytics and is more than valuable since it can offer highly customizable products and services to the end customers.
Fintech is a new reality in the Financial Sector. Financial technology (Fintech) is used to define new tech that seeks to enhance and automate the processes of delivering and using financial services. Some popular organizations such as Personal Capital, Kabbage, Lending Club, and Wealthfront are perfect models of FinTech corporations that have launched in the recent past, providing new twists on economic concepts and giving customers an increased impact on their economic results.
Marketing Digitalization of Financial Services. Digital or Internet Marketing activities within the banking sector is a lot more than an app for mobile phones. Also, it’s not only promoting products and services with Facebook sponsored ads. It involves a lot of combined efforts to dig valuable data and Artificial Intelligence to identify new customers, what they need, what are their preferences, how these preferences change for current customers. The overall objective is to provide highly-customized services exactly when they need them.
Improve the efficiency of decision making. Self-learning technologies imitate effectively the human processes of thinking and responding to challenges exactly when this is necessary. This is the new era in the sectors of Finance, Banking, and Business.