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AI in banking industry brings operational improvements

August 01, 2018 / Ronald Schmelzer

Banks using AI tools are finding that the technology can help them overcome traditional customer service challenges, but barriers to widespread use remain. The banking industry is primarily a world of computers and networks. It's boggling that the bulk of the world's wealth is stored in databases and transactions are simply the exchange of information over networks. As impressive -- or scary -- as that might sound, artificial intelligence technologies are aiming to further revolutionize the way banking is done and to improve the relationships between banks and their customers. Always-on chatbots sidestep banking hours. There's a reason why people deride banking hours; banks never seem to be open when you need them most, such as later in the day or on holidays and weekends. Our money doesn't sleep, so why should the banks? Fortunately, AI in banking is one of the most impactful applications of artificial intelligence through the use of conversational assistants, or chatb...