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Artificial Intelligence’s impact in financial services2 min read

8 julio, 2020 2 min read
Carla Alvarenga

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Artificial Intelligence’s impact in financial services2 min read



The use of Artificial Intelligence (AI) has grown steadily over the last decade. Its impact has increased in recent years due to its addition in routine services in our daily lives. One of the industries that has presented greater implementation of AI in its functions is the Banking.

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Financial services and banking are focusing all their efforts to become the business area with the most use of AI technology. It has even standardized different types of services related to prediction, machine learning and biometric onboarding of its clients and collaborators. Its operations have been greatly improved.

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One of the greatest benefits of these technological deployments is that they can ensure 24/7 attention to their customers. According to Business Insider, 75% of banks with more than $100 million in assets are implementing strategies that use AI technology.

AI: perfecting the experience between banks and customers

Among the priorities of the services offered by banks, what continues to predominate is customer service and the improvement in their transactions so that they are carried out quickly, safely and efficiently.

Artificial Intelligence has the ability to optimize its transactions with onboarding processes in which, even in the most efficient scenarios, they allow to create savings accounts from home, avoiding the long and tedious processes. Check-ups with Biometric Onboarding and Optical Character Recognition (OCR) allowing the review of identification documents such as passports. Prediction systems can also attract key customers and keep them for longer with different tracking strategies.

Prediction for identifying and preventing fraud

The US group of companies, United Services Automobile Association (USAA), in charge of providing service to individuals and families who are or have been in the military, is a great example of the advance of the AI in the banking industries. For example, USAA invested in prediction models to identify and prevent fraud.

This AI technology allows you to analyze the behaviors of your clients, such as their transactions, investments and expenses, to detect any type of anomaly in your routine and identify when any crime is happening on behalf of the client. This makes it possible to seek quick solutions and even preventive measures.
Customers are looking for efficient and fast services to include in their routines. According to a study conducted by Accenture with a sample of 33,000 bank customers, it states that at least 54% want tools to help them manage their budgets. In addition to this 41% are open to using computer-generated tips.
AI in other industries.
In other industries, such as car sales, there is evidence of the benefits of implementing AI in their processes. According to ZestFinance tools such as machine learning have contributed to reduce the rate of losses by 23% annually. In short, Artificial Intelligence is a tool that has endless applications. Looking for these alternatives and the positive impact they make is essential to implement them.

Our tech solutions

At Elaniin we are interested in using innovations such as Deep Learning, Onboarding and OCR to contribute to our societies, and so we have a team trained to create solutions using these technologies.

Be part of the projects and companies that think of a more efficient society driven by Artificial Intelligence. Request a quote about our services in ElaniinAI: hello@elaniin.com