It is also currently present in the banking sector. It is used to improve customer service, optimize different processes or prevent late payments. Virtual assistants, known as chatbots, can help resolve everyday queries, provide information or give instructions to carry out a transaction at any time and place. Similarly, AI can improve security in banking operations by identifying users' consumption habits. With this information, in the event of any anomaly or suspicious transaction, it is possible to take measures automatically.
Another advantage it offers in the banking sector is the possibility of reducing bad debts. Through notifications in digital banking applications, it is possible to warn clients of chinese overseas australia database transactions that are about to be carried out and that could affect their liquidity. In addition, it can prevent money laundering by analysing and comparing different sources of information.
Challenges in the sector
However, it is also important to consider the challenges of AI in the banking sector. One of the biggest challenges is ensuring the privacy of customer data. AI can analyse large amounts of data and find patterns, but this can also raise concerns regarding customer privacy. Furthermore, AI can be susceptible to errors and biases if not programmed correctly. Therefore, it is necessary for AI developers in the banking sector to keep these challenges in mind and work towards ensuring data privacy and algorithm accuracy.
Finally, FUNIBER sponsors numerous courses in the business area in order to train professionals. Some of these programs include the Master in Business Administration and Management (MBA) and the Master in Strategic Management .
Source: What is artificial intelligence and how does it affect banking?
Photo: All rights reserved .
