Ovik Mkrtchyan, prominent business consultant, shares his expert opinion here on the importance of introducing artificial intelligence technologies in the financial sector.
AI is still in its development as far as the banking system is concerned. Banks currently work not only with financial arrays but collect and process huge amounts of personal customer data, including that about their consumer behaviour. In order to properly process all data and ensure its security, banks should introduce new technologies, says Ovik Mkrtchyan – the most promising for this sector being AI.
Even now it’s being actively used to improve the quality of customer services. Thanks to this, the speed of such services are increasing dramatically and consequently making the work of bank staff easier. In addition, systems are becoming more secure from fraudulent activities. The new technologies allow biometric analysis to be used for customer identification. Ovik Mkrtchyan believes that the introduction of AI technologies is a necessary step to optimize the banking business processes.
“The use of artificial intelligence as part of the bank’s digital ecosystem can bring tangible dividends to organizations, increase profits and succeed over competitors by providing next-generation financial services,” Ovik Mkrtchyan enthuses.
The banking sector is visibly changing and already showing qualitative changes thanks to the use of AI. These technologies allow financial market participants to improve service security, personalize their own services, optimize pricing, reduce credit risks and predict consumer demand.
Credit rating
AI algorithms can build special models for assessing the creditworthiness of a client while excluding the influence of any subjective factors. In addition, such technologies can operate with a large number of indicators due to their prowess in technological competency, particularly as regards the rapid collection, processing and analysis of data. They can also be used to build long-term forecasts of customer behaviour.
Personalized Support
Customers have become less in need of assistance from bank support teams, and have less need to physically go to the bank to carry out their transactions. AI-powered chatbots greatly simplify the work of the bank helpdesk. Such bots can analyze the user in real-time and offer personalized advice based on this data. This not only simplifies communication with customers but also increases sales conversions.
“AI is a promising solution for the financial sector that should not be ignored,” concludes Ovik Mkrtchyan. “Such technologies provide an opportunity to optimize day-to-day business processes and improve the quality of all bank services.”
