How Artificial Intelligence is Changing The Banking Industry
It’s hard to believe that just a few decades ago, the banking industry was almost completely manual. Bank tellers would handle transactions, and customers would visit their local branch to do their banking. But with the advent of artificial intelligence, all of that is changing.
AI is transforming every aspect of the banking industry, from customer service to fraud prevention.
In this article, we will explore how AI is changing the banking industry and what this means for consumers and businesses alike.
What is artificial intelligence, and how does it work in the banking industry
Artificial intelligence (AI) is a branch of computer science that deals with creating intelligent agents, and systems that can reason, learn, and act autonomously.
In the banking industry, AI is used to help banks automate tasks such as customer service, fraud detection, and loan approval. For example, AI-powered chatbots can be used to answer customer queries, and machine learning algorithms can be used to identify fraudulent activity.
By harnessing the power of AI, banks can improve efficiency and accuracy while reducing costs. As the use of AI in the banking industry continues to grow…
