Artificial Intelligence In Banking Case Study

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Artificial Intelligence in Banking: Applications
1. Enhanced Customer Insights using robo-advisors/Pattern Recognition
Understanding your customer involves moving beyond common place demographics. Instead of looking at basic information such as age, gender or income, AI can give a deeper analysis of customers’ behaviours, patterns and financial history. This sort of customer insight combined with the speed of AI is in part what lead to an increase in robo-advisors.
AI can really be leveraged to take advantage of amazing pattern recognition to churn through data and discover things that humans either couldn’t, or would take far too long to be effective. The customer expectation of real-time insights and recommendations is only optimized with …show more content…
Artificial Intelligence in Banking: Case Studies
State Bank of India
Emotion Intelligence using image processing
SBI is embarking on its AI journey from the point of view of both employees and customers. To fuel, it launched national hackathon, “Code For Bank”, focusing on technologies such as predictive analytics, fintech/blockchain, digital payments, IoT, AI, machine learning, BOTS and RPA.
At present, SBI is using AI-based solution developed by Chapdex. It scans cameras installed in the branch and captures the facial expressions of the customers using image processing techniques. Thus it is effectively reports whether the customer is happy or sad to provide real-time or near real-time feedback. The bank is also in process of building a dashboard that will gauge the effectiveness of representatives or tellers based on customer feedback.
Keeping in view ethical considerations, SBI has sent a disclaimer to customers stating that this is for internal training and quality purposes only.
Addressing enquiries using …show more content…
Robotic software is a kind of software generally focused on automating office work. Software robots at ICICI now perform more than 1 million banking transactions per working day. They have reduced the response time to customers by up to 60 percent and increased accuracy to 100 percent at ICICI thereby sharply improving the bank’s productivity and efficiency. It has also enabled the bank’s employees to focus more on value-added and customer-related functions.
The software robots at ICICI Bank are configured to capture and interpret information from systems, recognize patterns and run business processes across multiple applications to execute activities, including data entry and validation, automated formatting, multi-format message creation, text mining, workflow acceleration, reconciliations and currency exchange rate processing among others.
The bank has created the software robotics platform mostly in-house, leveraging AI features such as facial and voice recognition, natural language processing, machine learning and
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