With plenty of post-recession anti-banking sentiment still lingering, it’s common to see fintech and traditional banks framed in oppositional terms. There’s some truth to that, especially with disruption-minded digital-only banks, but technological innovations have transformed banking of all stripes — and nowhere is that clearer than with artificial intelligence.
AI has impacted every banking “office" — front, middle and back. That means even if you know nothing about the way your financial institution uses, say, complex machine learning to fend off money launderers or sift through mountains of data for fraud-related anomalies, you’ve probably at least interacted with its customer service chatbot, which runs on AI.
ARTIFICIAL INTELLIGENCE IN BANKING
Artificial intelligence has transformed every aspect of the banking process. AI technologies are making banking processes faster, money transfers safer and back-end operations more efficient.
Read on to learn how else AI is transforming the way banks operate, from investment assistance and consumer lending to credit scoring, smart contracts and more.