Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
artificial intelligence technology in banking
Tech and Marketing

Artificial intelligence: applications for banking

14.05.2022
2 min read

How artificial intelligence helps automate financial activities

The fields of application of artificial intelligence are huge, and it’s hard to imagine sectors where technology based on it might not be in demand. Banks are also using AI solutions, and according to experts, they are well-positioned to develop a new generation of financial services.
Banks are actively using AI technology to automate services and improve business processes. However, such solutions are just emerging on the market, and their potential has not yet been fully unlocked.
A research group created by Fintech and Accenture conducted a survey of banks. According to the results, most financial institutions plan to actively develop the use of solutions based on artificial intelligence and related technologies. Most often, banks show interest in systems using machine learning and services for processing large data arrays.
The most popular technology in the fintech sector is Narrow AI, which allows solving highly specialized application tasks. For example, chatbots and voice assistants are created using this type of AI. With their help, the bank closes many customer requests in an automated format. However, the system is still developing, and it is not always possible to solve all of the users’ questions without involving the bank’s specialists. At the same time, artificial intelligence demonstrates high efficiency in such systems as biometrics, anti-fraud, scoring of clients, and others.artificial intelligence AI simplifies access to banking products, learns user experience and customer emotions from service results. Thanks to this technology, various production processes have been automated, such as processing and entering details.
An important factor that speaks in favor of artificial intelligence for the banking industry is cost optimization. Figures confirm this: in 2020, Sberbank implemented AI systems, which brought the company 100 billion rubles in savings and simultaneously earned money. In 2021, the figure rose to 200 billion rubles.
Customer scoring is a useful tool. It is the automatic acceptance and approval/rejection of applications for credit products. For example, before the use of AI technologies, a request for a loan from a large business was considered by the bank within 2-3 weeks, with the involvement of various departments and specialists. Now the entire process of accepting an application and issuing a decision on it takes about 7 minutes and is done remotely. There is no need to provide paper documents or expend specialist manpower to obtain a loan.
Despite all the positive aspects of AI, analysts highlight the risks of its use. First and foremost, there are ethical issues associated with the fact that automation leads to job cuts. Risks also include the unpredictability of final decisions, dependence on data from external sources (which may be intentionally distorted by malicious actors), and the likelihood of failure.
To address such problems, experts are developing and embedding basic ethical principles into AI technologies.

Tags: Tech and Marketing
0
Previous Post The European Union created a fund of 5 billion euros to help businesses Next Post Cryptocurrency exchange operator Dunamu attracted $85 million in investments

You Might Also Like

DTC brands
Tech and Marketing
How DTC brands changed the approach to television advertising
19.05.2022
bitcoin payments
Tech and Marketing
How promising are bitcoin payments: a survey among merchants
13.09.2022
Artificial Intelligence
Tech and Marketing
Artificial Intelligence as a new stage in the development of computers
03.06.2022
content matrix
Tech and Marketing
Content Matrix as an effective tool for promotion in social networks or through the site
18.06.2022
integrate cryptocurrencies
Tech and Marketing
Integration of cryptocurrencies into the banking system: all the pros and cons
03.12.2022
digital trends
Tech and Marketing
Digital trends: what new approaches will help businesses grow
30.03.2022

Recent Posts

  • 1cryptocurrency whales are acquiring Ethereum
    Cryptocurrency whales are buying up Ethereum altcoin as its price has fallen
    06.02.2023
  • 2voice assistant Alexa
    Alexa voice assistant forces Amazon to go to extremes
    05.02.2023
  • 3Merck
    Merck announced a deal with Imago
    04.02.2023
  • 4slowdown in inflation in Germany
    Germany and other countries recorded a slowdown in inflation
    03.02.2023
  • 5John Craig Venter
    Who is John Craig Venter and his contribution to science
    02.02.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • The Baltic states are stalling the signing of national plans

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Latest Posts

cryptocurrency whales are acquiring Ethereum
Cryptocurrency whales are buying up Ethereum altcoin as its price has fallen
06.02.2023
voice assistant Alexa
Alexa voice assistant forces Amazon to go to extremes
05.02.2023
Merck
Merck announced a deal with Imago
04.02.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • The Baltic states are stalling the signing of national plans
  • The largest coal consumers are increasing raw material exports
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics