{"id":2338,"date":"2019-04-08T04:04:34","date_gmt":"2019-04-08T04:04:34","guid":{"rendered":"http:\/\/99techpost.com\/?p=2338"},"modified":"2019-04-13T05:57:07","modified_gmt":"2019-04-13T05:57:07","slug":"how-artificial-intelligence-is-transforming-banking","status":"publish","type":"post","link":"https:\/\/www.99techpost.com\/how-artificial-intelligence-is-transforming-banking\/","title":{"rendered":"How Artificial Intelligence Is Transforming Banking"},"content":{"rendered":"

Finance, accounting, and economics are the majority of universities\u00a0most popular subjects all across the globe<\/a>. This is because there is a good chance of employability, especially at a graduate level. However, this is changing very quickly. Research suggests that by 2025 a massive 230,000 jobs in the finance sector will disappear as artificial intelligence (AI) agents take over. The\u00a0banks that are embracing AI<\/a>\u00a0claim that robo-advisors will work alongside current employees to give a more accurate and quicker service to customers.<\/p>\n

Investing money with robo-advisors<\/h2>\n

Investing money is being made easier and\u00a0more accessible thanks to apps<\/a>, like Stashaway, that use robo-advisors to help people with all different financial situations and backgrounds invest. Automated investment platforms like Stashaway and similar services are built based on algorithms and data insights that\u00a0help people to manage investments easily<\/a>. At the heart of these services is real people that also offer financial and investment insights, which most people find comforting to know that someone can always be contacted if need be.<\/p>\n

Better money management<\/h2>\n

The majority of banks are already using AI in one way or another, and many of their customers are seeing the perks of this. For example, someone can ask a banking app on their smartphone that uses AI a specific question, such as how much did I spend on eating out for the whole of 2018 or during a specific month.<\/p>\n

Within seconds the AI will be able to answer this, as well as helping to set up a budget and send a notification when that budget is getting close or has been exceeded. When used in conjunction with other budgeting apps this can really help people to save and plan their money better.<\/p>\n

Banks can improve customer service with AI<\/h2>\n

Various banks are using AI in different ways at the moment, but it\u2019s likely that they\u2019ll all adopt the ways it can be used. JP Morgan\u2019s COIN program now runs on a machine learning system which has resulted in the bank being able to review loan documents quicker and decrease the number of loan-servicing mistakes.<\/p>\n

Other banks, including NatWest, the Royal Bank of Scotland and HDFC, have launched their own AI chatbots that can understand and learn from human interaction and give a human-like customer experience. HDFC\u2019s Eva chatbot can assimilate information from thousands of sources and provide answers to customers in less than 0.4 seconds.<\/p>\n

Ultimately, it seems likely that jobs within the finance sector will be replaced by robo-advisors and AI, but customers still want to be able to speak to real people and know that their finances are in safe hands. Humans will always be at the heart of finance, regardless of how far technology advances.<\/p>\n","protected":false},"excerpt":{"rendered":"

Finance, accounting, and economics are the majority of universities\u00a0most popular subjects all across the globe. This is because there is a good chance of employability, especially at a graduate level. … <\/p>\n

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