Banks’ use of AI speeds up transactions
Artificial intelligence is already being used by banks and affecting the way they interact with customers.
“Using AI technologies in the banking system has led to significant changes and improvements… in fields such as security and fraud prevention, risk management and automatization of procedures,” says Nikos Christodoulou, head of consulting services at Deloitte.
AI is used in processes such as opening accounts, providing virtual assistants and simplifying small loan grants. Robo consultants provide budgeting assistance tailored to individual customers. And AI quickly detects suspicious transactions and warns customers.
Over the next five years, loan management and personal advice to clients are expected to improve by leaps and bounds.
But there is also skepticism throughout Europe about AI algorithms, which affects understanding of, and trust in, the decisions made based on them. Will algorithms, for example, result in more discrimination in the way loans are approved? And there is also pushback from personnel wary about what all that means for their jobs.
It is also important not to overlook the fact that all this automation increases the risk of cyberattacks on bank systems.
