AI is modernizing multiple fields together. The most recent focus of this competition has been on the banking and financial sector. According to CNBC, in addition to large banks, regional and small banks are also likely to implement AI in their systems and leverage it to improve the customer experience.
Regional banks to introduce AI
CNBC highlights how the pandemic has accelerated transformation at major banks. But AI is not just upending established industries like Wall Street banks.
Experts and executives predict that smaller, independent branches will benefit from their agility and modest size. Neighborhood bank branches with long lineups and traditional counters will be transformed into AI-powered, customer-focused financial service hubs, surpassing big banks in terms of the services AI can provide.
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Modernize banking with AI
AI-based systems are increasingly helping banks reduce costs thanks to increased efficiency and the ability to make decisions based on data beyond human comprehension. Plus, smart algorithms can quickly identify misinformation.
A report from Business Insider shows that nearly 80% of banks recognize the potential benefits of artificial intelligence in banking. According to another analysis by McKinsey, the potential of artificial intelligence in banking and finance could reach $1 trillion.
These numbers demonstrate how the banking and financial industry is rapidly leveraging AI to increase productivity, reduce costs, and provide better service and efficiency.
Local bank uses AI to improve customer interactions
Smaller banks might consider customer interaction to be the most important use of AI, as it frees up staff time to handle common inquiries.
Using proprietary access technology, customers can access your location 24 hours a day, pay bills using a touchscreen, send wire transfers in the middle of the night, and see real-time transaction updates. . He argued that small bank branches would essentially become a wall of screens.
As cash becomes scarcer and more embedded in machines, security at renovated branches will increase. Additionally, AI will significantly improve branch security, with more cameras, biometric access control, and the elimination of PIN codes. It will also come in handy in even more dire situations.
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