Artificial intelligence for banking and finance


Artificial intelligence and machine learning are new technologies that are succeeding in a wide variety of areas. For example, in the financial and banking sector, artificial intelligence has been introduced for years to optimize business processes and make better decisions.

Artificial intelligence for banks helps the industry in a variety of ways, from calculating risk when granting credit to identifying new market opportunities to offer attractive products to customers.

Does the banking sector need artificial intelligence?

The banking sector operates with large volumes of information, so it is necessary to implement business intelligence systems (based on AI) to analyze all this data efficiently and obtain useful knowledge for the business.

We find ourselves in a digitalized and globalized market, where customers are increasingly demanding and require services and products that are customized to their needs. Banks and financial institutions need to adapt to this environment and be able to offer high-value services that are truly what their customers demand. Artificial intelligence and bank learning play a fundamental role in achieving this.

How AI can help the banking and finance sector

We look at different ways in which artificial intelligence can help the banking and financial sector.

Reducing risk

One of the highest risk activities faced by banking is in the granting of credit (mortgages, loans, debit cards...). Minimizing risks and offering financing in installments that each person can really afford is much more accurate and efficient when using artificial intelligence-based customer data analysis algorithms. AI comes to reduce the risk in the granting of credit in banking, avoiding indebtedness and offering a faster and more efficient service to the customer (the process of granting credit is facilitated and accelerated).

The use of machine learning and predictive AI technologies allows the generation of credit risk models based on customer data and behavior. The entire credit analysis and granting process is automated, avoiding the customer having to go through a long and complex process involving the presentation of numerous documents.

Identify new market opportunities

Artificial intelligence in the banking sector allows them to stay ahead of the market by detecting new opportunities or trends. Thanks to this predictive analytics based on AI algorithms, companies can offer products that are adapted to current market circumstances, and to the specific needs of each potential customer.

Fraud management and cybersecurity enhancement

Fraud is an issue that banks and financial institutions have always had to deal with, even more so in today's age, where the Internet opens up greater possibilities for cybercriminals and fraudsters.

Thanks to the application of AI in banking, fraudulent behavior patterns can be detected,

allowing real-time decisions to be made to avoid fraud and scams. Suspicious actions are detected at an early stage, which makes it possible to react in time to prevent fraud before it happens.

The security systems of companies in the sector are becoming increasingly sophisticated and efficient thanks to the integration of artificial intelligence and machine learning with other technologies, such as face or fingerprint biometrics, tokens, single-use keys, verification controls...

Improve customer service

Another very interesting aspect for banking in relation to the use of AI is the improvement in support services and customer service. Thanks to chatbots based on artificial intelligence, these entities can offer 24/7 customer service, with immediate response and use of natural language (as if an operator were answering instead of a bot).

Banks and financial institutions that use this type of automated service based on AI obtain better results in terms of service contracting, brand image and customer loyalty.

Artificial intelligence for banking and finance is a necessity for companies in this sector. Extracting useful knowledge from all the data they handle requires technologies such as business intelligence and machine learning, which allows them to make better decisions at all levels and significantly raise their level of competitiveness.

Artificial intelligence is changing the way things are done in banking, speeding up and securing processes, and opening up new business possibilities. AI significantly reduces errors in the industry, automating manual processes and helping to make data-driven decisions.

In Aygloo we are specialists in implementing artificial intelligence in your business processes so you can make better decisions and automate many of the tasks you perform in your day to day.