The history of applying Artificial intelligence(AI) to banks goes back to the 50s. The benefits of AI in banking includes enhanced customer personalization, productivity gains, fraud detection, and better customer recommendations. One very exciting example of applying AI to banks is from a start-up company named Finie (for financial genie). They created a voice-powered AI platform to interact with a banking account using natural language queries. Finie can be asked, “How much did I spend on groceries”, instead of providing list of transactions.
Nowadays, AI is increasingly important for financial service firms to be competitive. In the near future, more financial service firms will adopt AI to deliver better experiences, lower costs, reduce risks and increase revenues.
During the most recent World Economic Forum Annual Meeting at Davos, Switzerland, Kaifu Li (an American venture capitalist, technology executive and computer scientist) commented that as the Chinese markets continue to accumulate more data, there will be more opportunities for AI technology, especially when it comes to credit card fraud detection, more and more Chinese banks will adopt AI. Embracing AI to banks is a win-win situation for both banks and tech companies.
A very interesting read.
Interesting article! Its fascinating to see how swiftly banks are adopting AI for fraud detection.
In my opinion rather than deploying AI for post-transaction fraud detection, banks should consider using AI in real-time at the “point of sale”, it will help incur huge cost savings for the banks.
I’m curious to see the AI from a user-interface standpoint, and how the interactivity of the technologies changes with more AI. Great post, definitely didn’t know a lot of the facts you presented!