Banks can use AI (artificial intelligence) to perform many basic services for AI in Banks: Customer Service & Protection From Credit Card Fraudcustomers, including protection from credit card fraud, credit screenings and even automated telephone responses to provide account information.
Natural Language Processing
NLP, also known as natural language processing, is a variety of artificial intelligence algorithm. It compares a verbal or written response to databases to interpret a user’s meaning, and provide an appropriate response. This technology, also used in computer-based translation programs, can be used to provide automatic responses to customer phone inquiries. Systems in which automated response AI programs interact with customers can save banks a great deal of money in personnel costs by eliminating the requirement for real-life operators except in more complex situations. Looking for more information?
Fuzzy Logic and Credit Evaluations
Fuzzy logic can be used for two simple purposes in banking. Evaluating creditworthiness and monitoring credit card use benefit both the bank, and the consumer.
Protection From Credit Card Fraud and Other Benefits
AI provides both banks and consumers with a virtually invisible safety-net. Due to the use of this technology, consumers can call for an account balance in the middle of the night, and banks are able to provide great service without paying for around-the-clock call-centers. Consumers are also protected from identity theft and fraud by the careful screening of transactions. As technology continues to improve, consumers and banks both benefit from advances in artificial intelligence.
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