TRANSFORMING BANKING THROUGH ARTIFICIAL INTELLIGENCE

The transformation of banking through artificial intelligence (AI) has been a significant and ongoing trend, with numerous implications for customer experience, operational efficiency, risk management, and more.

- Vijay Deep Shukla

Here are several ways in which AI is shaping the future of banking:

1. Customer Service and Experience: Chatbots and Virtual Assistants: AI-powered chatbots and virtual assistants enable banks to provide instant, 24/7 customer support, answering queries, and guiding users through various processes.

Personalized Recommendations: AI algorithms analyze customer data to offer personalized product recommendations, helping customers make informed decisions based on their financial behavior. 

2. Fraud Detection and Security:

Anomaly Detection: AI algorithms can identify unusual patterns in transactions, helping to detect and prevent fraudulent activities in real-time.

Biometric Authentication: AI-driven biometric technologies, such as facial recognition and fingerprint scanning, enhance security by providing secure and convenient methods for customer authentication.

3. Risk Management: