Here are several ways in which AI is shaping the future of banking:
1. Customer Service and Experience: Chatbots and Virtual Assistants: AI-powered chatbots and virtual assistants enable banks to provide instant, 24/7 customer support, answering queries, and guiding users through various processes.
Personalized Recommendations: AI algorithms analyze customer data to offer personalized product recommendations, helping customers make informed decisions based on their financial behavior.
2. Fraud Detection and Security:
Anomaly Detection: AI algorithms can identify unusual patterns in transactions, helping to detect and prevent fraudulent activities in real-time.
Biometric Authentication: AI-driven biometric technologies, such as facial recognition and fingerprint scanning, enhance security by providing secure and convenient methods for customer authentication.
3. Risk Management:
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'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
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ICICI Bank partners with PhonePe to offer instant credit on UPI
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