Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and imitate their actions. It is the computer program inserted with the aspects of human intelligence, where machines could think like a human being. In the future year, Artificial Intelligence (AI) with machine learning, data analytics, and deep learning would constitute a dominant thing across the world. The Banking sector is one of the industries that evolution AI in the present situations of COVID 19. In the following ways, AI technology has transformed the financial sector especially the banking sector:-
- Detection & Prevention of fraud: Because of numerous banking transactions detection of fraud or error is ahead of human ability. There is a huge amount of data that are needed to be analyzed and interpreted. Analyzing data with the help of AI would help to locate and prevent even minor frauds.
- Risk Management: Another advantage of implementing AI is that it helps us identify the future possible risks quickly and prevent probable losses that might have been caused if the data are not properly analyzed for fraud patterns. This helps the financial institutions to make informed and less risky decisions.
- Customer service automation using AI chatbox: The pandemic COVID 19 and associated lockdown have resulted in the unavailability of human resources in the banking sector causing anxiety among the customers. With the implementation of AI chatbox, customers can easily assess the services via 24* 7 thereby it helps in increasing customer satisfaction and engagement.
- Security: The security concern is a major issue with the banking sector. With the growth of internet banking, there are a lot of security threats including hacking, phishing, etc. are rising. The introduction of AI technology helps to prevent cybercrimes in the network. With the unavailability of human resources in the banking sector, they find it difficult to coordinate as the number of requests put by the customer. With the situation of unavailability of human resources and lack of inefficiency in the operation, the implementation of AI has proved to be a benefit in optimizing the customer requests and adjusting the internal processes. The technology advancement has improved our efficiency to cope with the crisis while carrying out the business activity in the pandemic condition.
