Present in many business sectors, Artificial Intelligence is also used in the banking sector. The use of these tools appears to be a necessary transition so that banks can fully enter into modernity and offer better service to their customers as well as optimal security for their operations. Used by online banks like traditional banks, Artificial Intelligence tools appear as particularly interesting business opportunities. In addition, the impact on this sector is being felt more and more.
The objectives of the banking sector
The implementation of Artificial Intelligence in this sector represents an exceptional development opportunity for the banking service. To take full advantage of the potential of this technology, it is necessary to put in place the appropriate measures in order to efficiently process the masses of available data. The banking sector is one of the main investors in this new technology , and for good reason, the objectives and opportunities are particularly important:
• Analysis of transactions in real time
• Fraudulent transaction detection system
• Algorithmic trading
• Automatic portfolio management
• Improved customer service
• Improving the expertise of advisers
• Automation of time-consuming tasks
In order to meet these different objectives, it is necessary for the various banking players to use the data in a relevant way in order to develop their full potential. To respond to these challenges, it is necessary to improve customer knowledge , and this will involve taking into account the multiple data available. This precise and complete knowledge of the clientele today goes through a data association, facilitated today by the European directives of Open Banking and PSD2. Banks now have to share information from their customers' accounts with each other. This element is essential for each banking player because it allows a significant improvement in the analysis of customer behavior and habits. Customer knowledge will be the basis for the success of the objectives that banks want to achieve.
An essential technology for customer relations
The banking sector is one of the most competitive. Indeed, between traditional banks, online banks and now neobanks, competition is particularly fierce and therefore requires to stand out. For this, the banking players will seek to focus on customer service. Improving customer service and increasing the satisfaction rate are essential points in banking activity. In order to remain competitive, it is necessary for them to offer a quality service adapted to the needs of each client.
While respecting the legislation in place on the collection and processing of personal data, banks will be able to anticipate the needs and situations of their customers so as to provide them with the appropriate response at the right time. At a time when customers are more and more demanding, it is essential to make every effort to anticipate and offer a tailor-made service for each customer. In customer relations, AI will play a key role since it will allow banks and their advisers to have clear and detailed information available on each of the customers, thereby enabling them to improve their expertise to respond to different expectations. AI thus brings customers closer to their banks by offering them permanent customer service that listens to them .
Automation of certain processes
The use of Artificial Intelligence tools in the banking sector has significant impacts, in particular on the banking profession and its missions. Indeed, several time-consuming missions can now be automated, allowing bankers to refocus on an advisory activity. In the future, the banking sector and its businesses could therefore be completely rethought. Concentrated on his consulting activity, this “augmented” banker could be more efficient and offer a tailor-made service for each of his clients.
At present, the automation of processes thanks to AI within the banking sector is limited to certain tasks: dynamic FAQ, recommendations of commercial actions intended for advisers, analysis and automatic replies to emails… The objective main process automation is to reduce time-consuming tasks like processing files. Among the points on which AI has a role to play, we can cite:
• Reports of theft or loss of cards
• Claims Reporting
• Prior analysis of damage situations
Through the various information highlighted by the AI, the bank advisers will thus have precise indicators to offer a more personalized service.
A major competitive issue
The guarantee of quality customer service is today a major asset in the face of competition. In fact, customers are looking for quality support with an advisor who listens to them. Thanks to AI, bank advisers will be able to be even more specialized and have even more expertise thanks to upstream processing of information by AI.
In this sense, the implementation of Artificial Intelligence tools represents a major commercial issue since it allows professionals in the sector to make better decisions and to meet customer expectations as much as possible. Benefiting from real-time information, banks can quickly respond to customer expectations but also better manage fraudulent transactions. Linking multiple pieces of information will therefore allow banks to better control operations and ensure better security for their customers.