It’s no secret technology has become today’s future. With so much of human’s lives stored online and in cloud-based systems, it’s hard to imagine what society was like before the growth, prevalence, and use of technological systems.
The commercial banking software industry is jumping on board with this trend and finding new, innovative ways to improve banking services with Artificial Intelligence. Here are three ways you’ve probably seen, used, or will end up being exposed to AI technology in your banking needs.
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Facial Recognition
With so many passwords you have to remember, getting to put your face in front of your phone to access your bank’s app is a welcome change. It’s impossible to forget your face, so it makes accessing your financial accounts that much easier. Artificial Intelligence is able to make this happen by analyzing the characteristics, patterns and elements on your face and deciding if you’re the account holder or not.
An exorbitant amount of people do banking this way every day, eliminating trips to see a teller by depositing checks, moving funds and checking on accounts from the comfort of their mobile device. AI is making mobile banking more trouble-free and easing some password stress that accompanies an online-centered life style.
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Mobile Banking
As people use their apps and bank online more frequently, Artificial Intelligence is what’s making this possible. Personalized apps are safer than logging in using shared computers, and you can access an app at any time of the day.
Lastly, the use of mobile banking apps has significantly reduced paper waste in the banking industry because people are accessing their statements and account information without visiting a banker. Artificial Intelligence also works to send you to push notifications and analyzes the data collected from your bank that makes its way to your app.
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Fraud Detection
This should make you feel safer because it’s always scary to see a news story about banks getting hacked and people’s information strewn about the world-wide web. One way AI is working to improve banking is by making it safer and more reliable for consumers. Having a bank get hacked can ruin the bank’s reputation and can leave you with nothing to your name financially.
AI monitors your regular actions and detects when something seems off to alert you and your bank. Even if you are looking at your bank statements regularly (which you should do), Artificial Intelligence is working on your behalf 24/7 doing its best to ensure you, your bank and your money is safe and ready for you when you need it.
While technology can sometimes feel overwhelming and like it’s taking over the world, there are some major benefits to its prevalence in society and how it can help you and your banking needs. 3.8 billion people use banks worldwide which mean there’s a lot of people benefiting from Artificial Intelligence in the banking sector. While these are just a few of its infiltrations in the world of banking, the technology is bound to strengthen and develop in the years to come.
Infographic created by Donnelley Financial Solutions, a financial consolidation software provider.