Best Proven Examples – Positive Impact of Artificial Intelligence in Banking and Finance Sector

Banking services have always attracted criminal activity. When it comes to online transactions, banks have found it difficult to combat cybercrime just through means of a human workforce. However, they can heave a sigh of relief as AI and ML have enabled them to combat all types of cybercrime, ranging from ransomware to hacking technologies.

Listed below are some of the very few examples which international banks have adapted to prevent cybercrime in their operations:

• JPMorgan Chase developed the “Early Warning System” to identify phishing campaigns. This system intimates the security department of fraudulent activity before the bank’s security gets compromised.

• HDFC Bank Ltd (India) has its own artificial intelligence program in the form of EVA, Electronic Virtual Assistant. It uses Natural Language Processing to respond to customer queries.

• ICICI Bank (India) has, iPal, the chatbot. It can respond to customers in the form of voice command and personalized offers.

• Ally Financial is well-known in the banking industry. Its mobile app makes use of a chatbot to respond to queries, payment summaries and transfers. This chatbot has the ability to respond to both customer texts and voice queries.

• Then there is the example of AI virtual assistant such as Eno in Capital One. Its special features –communicate with customers via an email, text and also on app as well as desktop. This app has features to track balances, check transactions, pay credit card bills and many more.

Artificial Intelligence in Wealth Management & Stock Trading companies

In wealth management and stock trading, you need to take instant decisions. A miscalculation can prove to be a big loss to an individual’s wallet or even a country’s exchequer. AI can help a trader wade through thousands of data in mere seconds. Then it can help him/her make the right decision in buying out stocks, bonds or shares. The best example is the “Next Best offer” project in Deutsche Bank.

DBS Bank Ltd, Singapore, has its own wealth management app, by the name, iWealth. This app offers the best recommendations in the form of financial management.