{"id":9976,"date":"2019-04-15T12:47:05","date_gmt":"2019-04-15T12:47:05","guid":{"rendered":"http:\/\/www.esds.co.in\/blog\/?p=9976"},"modified":"2019-06-20T05:04:34","modified_gmt":"2019-06-20T05:04:34","slug":"artificial-intelligence-empowering-todays-banks","status":"publish","type":"post","link":"https:\/\/www.esds.co.in\/blog\/artificial-intelligence-empowering-todays-banks\/","title":{"rendered":"How Artificial Intelligence empowering today\u2019s banks"},"content":{"rendered":"<p style=\"text-align: justify;\">We usually ask the question of why banks don\u2019t implement Artificial Intelligence if it\u2019s so smart and efficient. Obviously, it&#8217;s not that easy for banks to make the switch which has been a traditional financial institution for a long time. Artificial Intelligence can be a rewarding prospect if properly deployed. AI is still developing and getting better with each passing day in whichever industry it is implemented.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.esds.co.in\/blog\/artificial-intelligence-empowering-todays-banks\/#Chatbots\" >Chatbots<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.esds.co.in\/blog\/artificial-intelligence-empowering-todays-banks\/#Fraud_Detection\" >Fraud Detection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.esds.co.in\/blog\/artificial-intelligence-empowering-todays-banks\/#Better_Customer_Service\" >Better Customer Service<\/a><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: justify;\">The banking industry is full of surprises these days as there are a lot of up and coming technologies which are proving to be disruptive for the industry. Today, customers expect better banking services which should be agile and secure. <a href=\"https:\/\/www.esds.co.in\/artificial-intelligence\"><strong>Artificial Intelligence<\/strong><\/a> can definitely enhance the banking sector\u2019s services by bringing more efficiency to operations.<\/p>\n<p>There are various ways AI can help upgrade banking services and here are some of them:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Chatbots\"><\/span>Chatbots<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9979 size-full\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2019\/04\/1_kfHewVaPKnDhtyTne-RziA.gif\" alt=\"\" width=\"800\" height=\"600\"><\/p>\n<p style=\"text-align: justify;\">AI-based chatbots are similar to human touch, and due to Machine Learning, it works with zero errors. A <strong>Chatbot<\/strong> can perform multiple tasks on its own, such as answering FAQ for the bank\u2019s services, providing details about interest rates or personal account statements etc. The chat assistant learns and evolves as it is used and fed more and more data. Chatbots can improve customer satisfaction by providing quick service and assisting without the need to visit a bank\u2019s branch or contacting them.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fraud_Detection\"><\/span>Fraud Detection<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9980\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2019\/04\/radar.gif\" alt=\"\" width=\"500\" height=\"500\"><\/p>\n<p style=\"text-align: justify;\">The banking sector is one such industry which is highly affected by frauds and every year there are huge losses incurred by banks. AI can monitor and detect suspicious transactions and flag them accordingly. AI-based banking application can scan through massive amounts of data to check for fraudulent activities and prevent a bank from embezzlement or any false-events.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Better_Customer_Service\"><\/span>Better Customer Service<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9981\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2019\/04\/InformalDetailedGuernseycow-size_restricted.gif\" alt=\"\" width=\"644\" height=\"416\"><\/p>\n<p style=\"text-align: justify;\">Sometimes banks use promotional methods on a group of customers who are not even the right target. But with AI, banks can offer personalised services to customers by analysing their consumption behaviour and background. The customers can be assisted efficiently by the chatbots like real-life customer service agents.<\/p>\n<p style=\"text-align: justify;\">With <a href=\"https:\/\/www.esds.co.in\/\"><strong>ESDS Software Solution,<\/strong><\/a> banks get everything from IT infrastructure to cloud hosting and from banking software to digital banking services with Artificial Intelligence-based enabled. ESDS\u2019 EnlightBot is a Virtual Specialist Chatbot platform which helps a bank assist their customers with high-standards and zero-errors. Business functions like Customer Services, Sales &amp; Marketing, Order Processing, HR functions, Payments and Billing, Technical support, troubleshooting and off-hour resolution with results of up to 80% reduction in phone calls and emails are almost managed by Chatbots now. They can handle up to 90% of these functions without any human intervention. <a href=\"https:\/\/esds.co.in\/artificial-intelligence\"><strong>EnlightBot<\/strong><\/a> is a multi-lingual Chatbot Platform that can be trained to converse with your customers in any of the National or International languages of your choice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We usually ask the question of why banks don\u2019t implement Artificial Intelligence if it\u2019s so smart and efficient. Obviously, it&#8217;s not that easy for banks to make the switch which has been a traditional financial institution for a long time. Artificial Intelligence can be a rewarding prospect if properly deployed. AI is still developing and&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/www.esds.co.in\/blog\/artificial-intelligence-empowering-todays-banks\/\" class=\"gdlr-button small excerpt-read-more\">Read More<\/a><\/p>\n","protected":false},"author":44,"featured_media":9984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1505,2067],"tags":[1810,1603,1468,1602,1745,1803,1823,1600,1345,1813,1325,1620,661,1695,1696,149,1896,1588],"class_list":["post-9976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","category-digital-transformation","tag-ai","tag-ai-enabled-chatbot","tag-artificial-intelliegence","tag-artificial-intelligence","tag-artificial-intelligence-enabled-cloud","tag-chat","tag-chatbot","tag-chatbots","tag-cloud-computing","tag-cloud-of-india","tag-emagic","tag-enlight-360","tag-enlight-cloud","tag-enlightbot","tag-enlightbot-chatbot","tag-esds","tag-fraud-detection","tag-mtvscan"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts\/9976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/comments?post=9976"}],"version-history":[{"count":4,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts\/9976\/revisions"}],"predecessor-version":[{"id":10430,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts\/9976\/revisions\/10430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/media\/9984"}],"wp:attachment":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/media?parent=9976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/categories?post=9976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/tags?post=9976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}