AI and ML Based Monitoring System to Reinvent Banking Practices

Posted On: January 15, 2021

The internet of things has witnessed consistent growth, in its potential to expand as well as in the industries it is being employed in. When talking about the BFSI industry, the digitization of the other industries has promoted the adoption of IoT in financial services. The banking industry faces the need for consistent growth to appeal to their customers and make their experience worth their time. Artificial intelligence-based banking system has been one such developmental change that has allowed the banking industry to venture into much more than just their traditional services.

According to a research by McKinsey, the potential economic impact of IoT is estimated to reach $4 trillion to $11 trillion by 2025. The industry has been rapidly adopting AI banking management systems for benefits ranging from recording customer insights to protecting their branches and ATM units from external and internal threats.

10 ways in which artificial intelligence and machine learning has impacted the BFSI industry

Data collection

Customized client service

Efficient bank management

Operational audits

Asset monitoring

Track customer’s journey

Fraud check

Continuous surveillance

Remote access

Deterrence of crime

Conclusion

Originally published at https://igzy.com on January 15, 2021.

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