Artificial Intelligence & Chatbots Are Taking Over Finance

Artificial Intelligence & Chatbots Are Taking Over Finance

Artificial intelligence or AI will reportedly become the major channel of interaction for banks and their customers in the next three years, as consul

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Artificial intelligence or AI will reportedly become the major channel of interaction for banks and their customers in the next three years, as consulting company Accenture wrote in a recent report.

“Artificial intelligence (AI) in banking is not new. Banks are already using AI in heavily-manual processes for accuracy, efficiency, speed and cost benefits.”, as the research stated.

“What is new, however, is the move of AI beyond process to interaction. The next stage of AI in banking will be toward simple and smarter interfaces: drawing on machine learning that adapts to data and interactions to improve areas like fraud detection, and tapping AI-enabled tools (like centralized platforms/assistants or messaging bots) to better converse with and offer services to customers in the front-office.”, they elaborated.

Accenture added that relying on AI will help to improve the customers` experience and move staff to more judgement-based and higher value added roles.

The Benefits of AI

There is a number of creative uses of AI in the financial sector, as Forbes (forbes.com) reported.

For example, Capital One has launched a virtual banker named Eno. The latter is an SMS chatbot that can track account balances, check transactions, see availble credit, get bill due dates and pay Capital One credit cards. Also, the company launched an Alexa Skill for Amazon Echo, while planning to introduce a similar service for Microsoft Cortana, as Forbes` article pointed out.

Similarly, Mastercard is leveraging AI to enhance cosumers` experience across its ecosystem. According to Mastercard`s press release as quoted in Forbes, the financial services company worked with AI enabler Kasisto to launch bots allowing consumers to transact, manage finances and shop via messaging platforms.

“We’re excited to partner with Mastercard to help drive conversational commerce and engage with consumers where they spend their digital lives – on messaging platforms.”, commented  Zor Gorelov, CEO and co-founder, Kasisto.

“This bot enables entirely new experiences, bringing Mastercard benefits and offers to consumers with human-like conversations that are personal and contextual. We’re powering conversational commerce, anytime, anywhere – just as consumers have come to expect.”

On the other hand, Thomson Reuters uses machine learning and AI to detect and identify fake news.

“Today, Reuters journalists use Reuters News Tracer, our proprietary algorithm that employs over 700 signals to determine whether trending topics are newsworthy and truthful.”, reads on Reuter`s blog.

“The social media listening tool was taught by our journalists to ask key questions, consult historical data, and weigh relevance just like a human would – but within 40 milliseconds.”

It is to be seen how artificial intelligence may transform the world we know today, starting from the financial services sector and stretching to journalism and beyond.

COMMENTS

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    intel 4 months

    Yes, very true. But also what hasn’t been taken over by AI? Read this blog from FeltSo website to know the impact of AI on various industries.

    http://feltso.com/blog/artificial-intelligence/