Artificial Intelligence in Banking Industry
As we know Indian consumer getting at ease with online banking, making internal operations efficient and the customer experience more effective has certainly become a challenge. Poor data quality and customer segmentation are one among the many challenges banks face today.
Since 2016, many traditional banks have collaborated with fintech startups or devised solutions in-house to offer modernized banking solution to their customers.
The term “artificial intelligence” was first used in the mid-1950s.Where in now the definition says a system that can perceive the world around it, analyze and understand the information it receives, take actions based on that understanding, and improve its performance by learning from what happened.
With the increase in technology-oriented payments banks like Airtel Payments Bank, Paytm Payments Bank, etc; entry of neo banks and neo banking platforms, as well as rise of NBFCs, has also made it impossible for banks to survive with the traditional mode on.
According to National Business Research Institute and Narrative Science conducted joint research that about 32% of financial service providers are already using AI technologies like predictive analytics, voice recognition among others.
To achieve the highest level of results, there needs to be collaboration between humans and machines that will require training and a reassessment of the future of work in banking. The banks are harnessing the power of AI to deliver new customer experiences with various solutions and are setting new standards for the Indian banking ecosystem, thereby charting a new wave by embracing tech intensity.