Analytics can be used for expanding the client base and for optimizing the costs. Adoption of Artificial Intelligence (Al) and Analytics has transformed every aspect of the banking process. These have helped in making banking procedures faster, transfer transactions safer and back-end functions more efficient. Al and Analytics in banking are ready to transform how organizations manage their revenue, converse with clients, and scale their investments.
Artificial Intelligence in Banking
Strong and speedy process, advent of mobile technology, data accessibility, and spread of open-source software offer Al a huge opportunity in the banking sector. The business value for the world market for Al in the banking industry is predicted to increase by manifold in the coming years. It will increase from $50 Billion in 2018 to $300 billion in 2030 (Source: IHS Markit).
Al technologies can significantly enhance banks' ability to attain the following key outcomes:
1. Personalization of services - On account of arrival of new age digital tools such as Customer Data Platforms (CDPs), it has become easy to aggregate data from various sources in one central location. CDPs help banks in achieving a single customer view, which means that a customer's details such as transactional data, behavioural data, etc. are all made available in one place. Once the bank is able to fully understand a customer, giving what he is looking for, the next course of action is to offer personalised products and services.
2. Significant profits - Al will boost staff productivity by empowering them to delegate low value-added tasks to Al and be more productive in their core tasks. This will help in increasing profit of the bank.
Bu hikaye BANKING FINANCE dergisinin April 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BANKING FINANCE dergisinin April 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
Indiagold Eyes Major Expansion in India's Gold Loan Market
Indiagold, a prominent fintech company specialising in gold loans, is set to disrupt the gold loan industry with its ambitious expansion plans and innovative product offerings.
RBI CIRCULAR
Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines
Legal News
The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.
The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery
Indian banks, especially grappling with the mounting challenge of Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs), are experiencing a significant downturn in their capacity for credit recycling, resulting in reduced business opportunities and declining profits. However, various factors contributing to the severity of NPA problem are including macro-economic, political, and internal factors, emphasizing the complexity of the issue. With this background, the present study puts an effort to look at the role of the Insolvency and Bankruptcy Code (IBC) in NPA recovery and also showcasing its significance in resolving insolvency and maximizing creditor recovery.
Big Data in Banking: Analysing its Role, Advantages and Challenges
Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.
Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets
SIP is a method of investing a fixed amount at regular intervals, typically monthly, into a mutual fund. It allows investors to buy more units when prices are low and fewer when prices are high, a process known as rupee cost averaging.
Strategies for Mutual Fund Retail Investors during market downturns
When stock markets experience a decline, mutual fund investors often face a sense of insecurity and apprehension. The volatility can lead to impulsive decisions, which, rather than securing financial health, may impair long-term investment objectives.
The Rise of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
Fraud Risk Management In Banking
Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.
