Improving customer service and fraud monitoring: what artificial intelligence can bring to the banking industry

Improving customer service and fraud monitoring: what artificial intelligence can bring to the banking industry

Kyiv  •  UNN

November 29 2023, 10:11 AM • 232419 views

AI in banking improves customer service through intelligent chatbots and enhances fraud detection, and technologies in these areas are constantly evolving.

Artificial intelligence is rapidly penetrating various spheres of life. The banking sector was one of the first to appreciate the benefits and opportunities offered by AI and continues to expand its use. UNN talked to Olena Sosiedka , co-founder of Ukraine's first fintech ecosystem Concord Fintech Solutions, about how banks and their clients can benefit from the use of artificial intelligence (AI).

One of the first methods of using AI was, of course, chatbots. Thanks to them , bank support has become available to customers around the clock. At present, we can state that artificial intelligence is learning, and chatbots based on AI demonstrate a more personalized approach to the client and simplify his communication with the bank. An important aspect was the use of the latest technologies to detect suspicious transactions, prevent fraud and money laundering. And the tools for working in this segment are constantly being improved. It is also able to help banks and financial companies protect themselves from cyberattacks

, says Olena Sosiedka.

In general, she believes that artificial intelligence and similar technologies such as Chat GPT can revolutionize the banking sector in the following ways:

1. Improved Customer Service: AI enables the creation of intelligent chatbots and virtual assistants that can handle customer queries 24/7, providing a fast and accurate response. This not only increases customer satisfaction but also reduces the workload on staff.

2. Big Data analysis: AI can analyze huge amounts of data to detect trends, assess risks, and identify new business opportunities. For example, in lending , AI can predict the creditworthiness of customers with higher accuracy.

3. Fraud monitoring: Artificial intelligence greatly improves the effectiveness of fraud detection and prevention systems by analyzing transaction patterns and detecting suspicious behavior.

4. Process automation: AI can automate routine tasks such as data entry, report generation, and payment processing, freeing up staff for more complex and strategic tasks.

5. Risks for Employees: While AI may reduce the need for some traditional roles, it also creates new opportunities, especially in data analysis, software development, and innovation management. Adapting to these changes will require workers to acquire new skills and continuous learning.

"Overall, AI promises to improve the efficiency, transparency, and security of banking operations while increasing customer satisfaction. However, the success of its integration depends on the banking industry's ability to adapt to new technologies and train its staff in accordance with the new requirements," summarized Elena Sosedka.