Introduction

Artificial intelligence has been transforming the whole world starting from the health sectors to other sectors and finance is not exempted because the effect of adopting artificial intelligence in any sector makes work easier and faster, and it's also helps to improve efficiency.
AI plays a pivotal role in transforming finance it helps in financial management and it helps any financial department to generate accurate financial reports.

The financial system has so many task to do and sometimes most of those tasks can be complex when done by humans that is every possibility of experiencing human errors but with artificial intelligence tools like machine learning and other tools those complex tasks can be done easily.

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AI for Banks

Before the introduction of artificial intelligence in the banking system there was a lot of paperworks in the banking sector and this cost so many human errors, so many businessmen will have to go to the bank and confirm business transactions because everything was done manually and during weekends when banks were not in section there will be no business transaction, by Monday everywhere will be crowded and this increases task and become more challenging for workers.

Most businessmen then prefer keeping their money at home so that they can easily buy goods anytime they want to it was only savings that was kept in the bank and this affected the rate of income the bank can make as well as the rate of customers the bank can get, so much time was needed to perform all task in the bank there was nothing like work from home every staff have to be at work to make things work out.

Then it was only people who live in the city can have a bank account because you can only conduct transactions when the bank is in section which was not easy for those who were living in the rural area, the worst of it all was that so many frauds went unnoticed and this cost the bank a lot of debt to pay.

AI is like a life changer to the bank, it brought positive changes to the banking system, so many AI technology such as robotics and machine learning and natural language helped banks to improve in their service.

Banks were now able to automate all routine tasks, they can now automate transaction process and that is why even during weekends business can be done without challenges, people who live in rural area will not need to travel all the way to the bank facility just to carry out a transactions.

Some task that needs to be repeated like accounts recognition, account reconciliation, and compliance check that should be done before confirming a transaction can now be done with artificial intelligence tools.

Bank services are now available 24 hours there is no need for human intervention and this have attracted so many people to own an account in a bank.

Robert Kaskel, Chief People Officer at Checkr, explains,
On the customer experience front, AI chatbots and virtual assistants enable 24/7 customer service at a fraction of the cost of the human agents. These bots can understand natural language, access customer data, and answer many common inquiries.source

AI has helped banks to satisfy all customers because AI can predict what a customer needs after going through the customers data.

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Example

When I was still earning monthly salary I had access to loan from 100 to 500,000 but as I stopped working my salary account stop receiving money gradually the amount of loan I can get also kept reducing to the point that I am not qualified to any amount of loan, this is because my data have shown that I don't earn anymore and it can be assumed that I can't pay back the loan when giving out.

That is just an example of how AI technology helps the bank to deal with customers according to their needs.

Other financial sectors

Every other financial sectors like investment companies, insurance companies have benefited from the use of AI technology, because AI technology is very useful for documentation, it helps to document accurately and verify data before entry which has helped all this financial sectors to save processing time and reduce all possible human errors.

Though there is a little bit challenge which comes with training workers to become artificial intelligence experts and to get the skills needed to use all necessary artificial intelligence tools but it helps financial system to be more efficient in their job.

I remember years back when people do insurance, one will have to know where the physical insurance company is located because the person Will Go to the place on weekly basis to pay his or her insurance money then during claim there was a lot of paperwork involved before the person can claim the savings.

AI technology have helped insurance system to be more efficient in their job just with your phone you can create an account and the company can easily verify who you are and during claim it doesn't waste much time to claim your money, these have attracted more people to insurance companies.

Conclusion

All financial sectors that adopted artificial intelligence has improved a whole lot, artificial intelligence technology have helped save time, to save resources and to attract many customers and also improve the life of people in the community, it has also relieved the workers from so much stress, it has also helped financial system to reduce risk and have more accurate data to work with no matter the challenges finance need AI skills to do better.

Reference

Posted Using InLeo Alpha