SMART TECHNOLOGIES IN BANKING AND FINANCE: 5 FACTS YOU SHOULD KNOW

Though banks and finances are historically among the most conservative spheres, they are leaders in using progressive technologies in every-day-life. That’s not surprising! They invest money in startups and implement smart platforms, they create day-in-day statistics and know how to predict risks. Not speaking about Top Level Security technologies, which protect data.

This list is really long, however, we picked up Top 5 Techno Facts, which you really have to know about!

FACT 1. SMART APPLICATIONS

Each bank has its mobile applications, where one can trace money income and outcome per day/ month / year, plan finances or even make investments in bank products. What is more, there are many online services client can perform within couple of movements, without contacting bank specialist.

FACT 2. ADVANCED CLIENT SERVICE

One should confess that bank client service is not as fast and convenient as one wish it to be. Creation of Chatbot made our life easier! Now we can easily check required information or find some stats. Implementation of AI & ML into banking and finance sphere also helps specialists to work effectively and be faster in working with client data base.

FACT 3. AI & ML SECURITY

Yes, bank and finance spheres experience a lot of hacker attacks and fraud actions. Billions of dollars are invested in new technologies, which can create advances security. Developers create smart algorithms, which can predict and prevent any suspicious actions.

FACT 4. PROCESS AUTOMATION

As financial institutions are switching to cloud storage, ML helps to operate huge volumes of data. Also it can easily automate back-office and client service. ML can make smart analysis giving the best decisions.

FACT 5. SMART PREDICTIONS

As machine learning algorithms were implemented, hedge funds and investors got interested in it. Smart easy-to-operate platforms are created by progressive developers, trying to give accurate predictions and results. However, they can’t work 100% autonomously, one should check and control each operation.

So these are 5 facts which will lead us to digital future, and one can be sure – it is just the very beginning! If technologies are influencing the most conservatives spheres, one can imagine, what will be next!