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Introduction

Some examples of the types of automation being attempted in banking with the help of AI include:

  • Automated customer service: AI-powered chatbots can assist customers with simple transactions, answer frequently asked questions, and resolve common issues without the need for human agent interaction.
  • Fraud detection: AI can analyze large amounts of financial transaction data to detect suspicious patterns and anomalies, which can help prevent and detect fraud more effectively.
  • Credit analysis: AI can be used to analyze customers' credit histories, as well as other financial and personal information, to predict the likelihood of a loan applicant defaulting on their debt.
  • Process automation: AI can be used to automate tasks such as data entry, loan application processing, financial reporting, and account activity monitoring.
  • Personalization of customer experience: AI can be used to analyze customer data, such as spending patterns and preferences, to offer personalized recommendations for banking products and services.