AI & Banking & Finance
SIA set up to handle 10,000 queries per second: 864 million a day.
Response Time to Customers reduced by 60% and Accuracy increased by 100%
Data Entry Time reduced to 2-3 minutes from the earlier 15 minutes.
Personalised experience and services are the key to success for Banking Sector, today. While the sector is facing huge challenge of Big Data; Artificial Intelligence and Machine Learning are already being implemented across the banking sector. Rudimentary applications like chatbots for customer services, personalised services and AI robots for self-service are currently deployed. Beyond these basic applications, banks can implement the technology for bringing in more efficiency to their back-office and even reduce fraud and security risks.
According to Accenture Vision report 83% of Indian Bankers believe that AI will work alongside humans for next 2 years; higher than global average of 79%. The report also said “93% bankers in India said they increasingly use data to drive critical and automated decision-making. More partner-supplied customer data means a higher degree of responsibility for banks. Yet, 77% Indian bankers agree that most firms are not prepared to confront impending waves of corrupted insights from falsified data”
The largest Indian public sector bank with customer base of 420 million has embarked on AI journey from customer's and employee's point of view. The solution the bank recently deployed is capturing facial expressions of the customers at each branch. The facial expressions are then analysed by the AI – face recognition application to determine whether the customer is happy or not. This is near real time feedback to the bank.
Artificial Intelligence is helping banks in the following:
Non-availability of people with right data science skills is a major hurdle. AI technology would make the current banking staff redundant for the sector. This leaves the banks with no choice as adoption of AI technology is imperative to survive and the relevant staff is scarce. Hence the banks need to reskill their existing workforce by providing them training programs on Artificial Intelligence and Data Science Skills.