Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. Financial institutions (FI) are becoming fully aware of how the impact of cognitive technology combined with AI can empower them with the advantages of digitization.
Banks are now able to optimally leverage human and machine capability which leads to operational and cost efficiencies while delivering personalized services. By adapting AI into their core systems, leaders in the banking sector have already taken actions with due diligence to reap these benefits.
Among the most significant game changer is enhanced customer experience. AI helps gain a better understanding of customers and cater to the requirements of a user more efficiently. This way, FIs gain the upper hand in unlocking the values of customer from analyzing their profile, buying behavior, consumer comment and preference. Banks can deliver financial products and services which are more user-centric, with personalized features and intuitive interactions.
While AI-based solutions can improve overall user experience with efficient data collection and analysis, it is also detrimental in fraud detection or credit decision making. Financial service providers can weed out risky applications faster with AI by evaluating the probability of a client failing to pay back a loan.
With its power of machine learning (ML) and cognition, AI can predict future scenarios by analyzing past behaviors saves banks by identifying fraud, detect anti-money laundering pattern and make customer recommendations. Alongside its key recommendation engines, AI studies past to predict future behavior of data points, which helps banks to successfully up-sell and cross-sell.
AI and ML powered anti money laundering algorithms play a vital role in all data management and analytics activities. They enable detection of suspicious patterns by learning from labeled data (e.g. financial crimes) thus reducing false positive reports of money laundering and fraud.
Cognitive processes enable a variety of information-intensive, costly and error-prone banking services like claims management. This secures ROI, reduces costs and ensures accurate and quick processing of services at each step. Cognitive process automation fundamentally automates a set of tasks that improvises upon their previous iterations through constant ML.
AI-Driven Digital Transformation
At INFOPRO, we facilitate banks and non-banking financial institutions (NBFI) on their journey towards digital transformation with our award winning, AI-powered core banking innovation.
The newly upgraded SYNERGi Digital Banking provides data-driven banking experience, where AI analytics and digital innovation are infused throughout the processes and user journeys.
SYNERGi’s digital-first approach is not only beneficial for banks in adapting to the latest customer experience demands in the current digital age but the digitalized core is redefining the efficiency in banking. Its data-driven, automated AI engine ensures agility and SecDevOps where security is bumped to the forefront of development process. This strategy involves outlining best practices early on and embedding secure code into the development life cycle.
Banks and NBFIs can enjoy shorter time-to-market for new, innovative product and service offerings with rapid deployment powered by cloud-based banking and open APIs. Their legacy systems can be upgraded to a modern, hybrid digital platform complete with its very own digital channels which complements the physical branches in an open banking ecosystem.
Being at the forefront of the technology curve, INFOPRO uses highly scalable leading technologies and adopts global banking best practices to develop its innovative AI-based digital banking platform which automates and streamlines processes and decision-making to bring about tremendous cost savings and revenue generation opportunities to banks. We can help you design and build a customized solution that caters specifically to your business strategy in the most tech-friendly and cost-effective manner. Click here to schedule a demonstration or visit www.infopro.com.my/digital-bank for more information about our AI-powered SYNERGi Digital Banking solutions.