Artificial Intelligence In Retail Banking – Current Applications
Many business processes in retail banking are ripe for automation with AI. All types of banks may appreciate the use-case of payment processing automation and fraud detection, but retail banks may also benefit from automated credit scoring and customer service chatbots.
We’ve explored AI in the banking space broadly, but in this article, we discuss what’s possible with AI in the retail banking industry specifically. We provide examples of a bank’s success with the software and detail how the software fits into the banking enterprise. Our discussion is organized into sections detailing the following capabilities:
There are multiple companies selling AI-based fraud detection solutions to retail banks for their consumer banking services, such as debit cards and mortgage applications. They most commonly use anomaly detection software to make it possible. READ MORE ON: EMERJ