Identifying Criminal Activity with Artificial Intelligence

Designed to track suspicious financial crime activity, Black Forest AI model is well-known in the banking sector for helping to reduce cybercrime. A bank, physical or online, has to perform a lot of transactions in various forms. Example – paying bills, withdrawing money, depositing money in the form of cheques or transfers. The top challenges happen when customers conduct online transactions via the bank app. So, banks always need to stay a step ahead of hackers and cybercrime enthusiasts.

Chatbots

Chatbots made a big impact since its introduction half a decade ago. Today, every bank has its own chatbots in customer service operations. Embedded with AI, and tuned to the T to give relief to customers, they can work more efficiently 24*7 when compared to humans.

Chatbots made a big impact since its introduction half a decade ago. Today, every bank has its own chatbots in customer service operations. Embedded with AI, and tuned to the T to give relief to customers, they can work more efficiently 24*7 when compared to humans.

Companies developing Artificial Intelligencebased chatbots have designed their capabilities so that they can upgrade themselves to suit the question modules & patterns of customers. The upgrade pattern helps chatbots to provide personalized service to customers as well as recommend suitable financial service products.

Black Forest AI model has come as a shot in the arm to combat online banking crime.

This model has the capability to analyse transactions in millions of customer bank accounts within a short time. If Black Forest identifies a suspicious activity in any account, it promptly sends the findings to the account manager and cybercrime department of the bank to take relevant action.

• The best example of banking chatbot is Erica, Bank of America’s Virtual Assistant. As per records, this AI chatbot handled more than 50 million requests for card security updates and reduction for credit card debt.

• The second-best example of AI chatbot in banks is the Interactive Voice Response System (IVRS), which gives voice assistance to customers. The AI-enabled system gives the best guidance by not only understanding their queries, but also routing calls to the right department. If the customer has a simple query, the system is designed to give the perfect solution.

Future of Artificial Intelligence in Banking

There is no way, you could not have heard of ChatGPT in 2023. Within a few months of its release, it has garnered more than a billion active users. As you know, it uses a variety of programs and techniques such as natural language processing, machine learning and others to not only understand but also give the best responses to customer queries.

In the future, AI will be used to complete more manual tasks in banking operations thus making way for human executives to deal with complex issues that cannot be solved by software programs.

Virtual Assistants (VA) can become upgraded to match the level of human intelligence. They will serve as a single point of contact for all customer queries. These VA will be able to respond not only via mail, but also through texts, apps and in the customer’s preferred language. In this way, the customer will get a personalized experience.

Mentioned above, are only two of the positive changes Artificial Intelligence has brought over to the global banking industry. However, if you want to know about the latest developments about the positive impact of artificial intelligence in banking and finance sector, keep visiting our website for more updates.