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Artificial Intelligence / Robotics in Banking Sector

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AI helps banks to predict future trends as well as outcomes. It has the power to predict future scenarios by analyzing past behaviors. Therefore, banks can easily identify fraud, detect anti-money laundering patterns, and make customer recommendations. AI is capable enough to detect suspicious data patterns among humungous volumes of data, which further helps in fraud management.

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Artificial Intelligence / Robotics in Banking Sector

  1. 1. Artificial Intelligence / Robotics in Banking Sector Intense Technologies Limited www.in10stech.com
  2. 2. 2 © Confidentiality Copyright © Intense Technologies Limited. All rights reserved. This document contains proprietary information of Intense Technologies Ltd and shall not be used, reproduced or disclosed to others except as specifically permitted in writing by INTENSE. The recipient of this information, by its retention and use, agrees to protect the same from loss, theft or unauthorized use. In the event that no contract based on this document is awarded to INTENSE, this document, upon request, shall be returned. All previous versions of this document shall stand automatically void. Disclaimer The information provided in this document is based on the discussions and very high-level requirements and not based on any Stated/signed-off requirements document. The solution and commercials proposed are subject to revision based on the final requirements. Hence presentation of the materials should not be construed as creating any obligation for INTENSE to deliver any product, feature or functionality.
  3. 3. 3 © Artificial Intelligence / Robotics in Banking Sector Do you know the Banking and Financial services industry is seen to be growing at a rapid pace over the past few years with the implementation of technological advancements? So, banks can deliver faster, more secure, and reliable services. However, banking enterprises have had to find a way for delivering the best possible customer experience to stay competitive in an increasingly saturated market- especially when the banking sector is heading towards the widespread adoption of virtual banking. Digital transformation today has become a major priority for many banks. In this context, Robotics Process Automation is just one aspect of the entire digital transformation process. Banks can make the best use of Robotics Process Automation for carrying out repetitive tasks such as data entry, automating customer service, and back-office workflows. Not only this, RPA can also be supplemented with technologies like Artificial Intelligence, to handle sophisticated processeswith higher accuracy as well as efficiency. Enhancing Robotics Process Automation with Intelligent Automation Robotic Process Automation provides the basics, required to automate processes. To further enhance RPA, banks have started to implement Intelligent Automation (IA). Intelligent Automation enhances RPA through technologies like Machine Learning and AI. In this way, the Intelligent Automation industry has become capable enough to expand the processof business automation within the banks. Now, simply check out how Intelligent Automation works in banking:  Intelligent Automation enables banks to automate complex end-to-end processes.  These processes typically involve the use of structured as well as unstructured data.  IA systems can easily communicate using human languages, classify, and recognize ‘sentiment’ with the help of technologies like AI and Machine Learning.  This understanding of sentiment or language further enables IA to operate in a completely automated fashion.  It even automates the entire workflow processes that would have previously required human intervention.
  4. 4. 4 © How AI is strengthening the competitiveness of banking enterprises? a) Improved customer experience Artificial Intelligence develops a better understanding of their customers and their behavior based on past interactions. This allows banks to customize financial products and services. Also, by adding personalized features and intuitive interactions, banks can deliver meaningful customer engagement and build strong relationships with their customers. b) Prediction of future trends & outcomes AI helps banks to predict future trends as well as outcomes. It has the power to predict future scenarios by analyzing past behaviors. Therefore, banks can easily identify fraud, detect anti-money laundering patterns, and make customer recommendations. AI is capable enough to detect suspicious data patterns among humungous volumes of data, which further helps in fraud management. c) Cognitive process automation With the help of it, automation is possible for a large number of information- intensive, costly, and error-prone banking services, for example, claims management. This secures ROI, reduces costs, thereby ensuring accurate as well as quick processing of services at every step d) Realistic interactive interfaces Chatbots can identify the context and emotions in the text chat and respond to it most appropriately. AI-powered Chatbots enable banks to save time and improve efficiency, thereby helping banks to save millions. e) Effective decision-making Do you know Cognitive systems can think and respond like human experts? Also, it can offer optimal solutions based on available real-time data. These systems can keep a repository of expert information in their database, called a knowledge database. Bankers can use these cognitive systems for making strategic decisions.
  5. 5. 5 © f) AI-driven future in the Banking Sector Artificial Intelligence can empower banks by automating their knowledge workforce. Not only this, the whole process of automation gets intelligent, which is enough to prevent any sort of cyber risks. AI is integral to the bank’s processes and operations, and it keeps evolving and innovating with time without considerable manual intervention. Nowadays, the country’s economy is stepping ahead in terms of digitalization, and this is the reason the number of customers is continuously rising in the banking sector. To meet the expectations of its customers, the banking sector is assisting people with services like mobile banking, e-banking, real-time money transfers, and much more. In the banking sector, the primary aim of Artificial Intelligence is to assist its customers and further keep their preferences as a priority. In addition to this, Artificial Intelligence plays a pivotal role in ensuring that their customers remain happy with the services offered by the bank. Moreover, AI or machine intelligence can help the bank understand the necessities of their customers. Want to know more! Please drop us an email at digital@in10stech.com

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