Why Banks and Credit Unions Should Implement More Artificial Intelligence, Catch up to Fintech
Banks and credit unions share a common goal with Fintech. A simple, enjoyable customer experience where transactions are streamlined, fraud is minimized, and profits grow. One major difference separating Fintech’s pursuit of the common goal is their early implementation of artificial intelligence. Simply put, Fintech has been on the forefront while traditional banking institutions have largely been stuck in the past.
However, traditional banking and credit union institutions are just now beginning to embrace the advantages of Ai and are adopting the technology quickly. Why now?
It has been shown that Ai could boost bank revenue and profitability by up to 50%. Embracing the once-nascent technology has become a no-brainer for traditional banking.
Here are 7 benefits of implementing Ai in the Banking and Credit Union industry.
- Anti-money laundering features keep FI’s compliant and can help detect and prevent fraudulent ML activities and other customer/employee anomalies.
- Front office and customer support tech bots offer cost-cutting capability and customer facing utilities that eliminate errors, streamline office work and operate 24/7/365.
- More accurate credit and loan decision making tools reduce risk and accurately assign interest rate points based on mass data point interpretation that goes unseen by humans.
- Better across-the-board regulatory compliance that mediates the risk of financial transactions, the flow of income, tracking of transactions, identifying of suspicious activities as well as assessing data for various compliance issues.
- Ai fosters effective decision making in both the front and back office. Allowing for streamlined operations and better profitability.
- Offers competitive advantages by enhancing the customer experience, understanding customer behavior, patterns and interpreting trends.
- Reduction of costly insider mistakes and insider frauds.
ToolCASE, the leader in artificial intelligence for the banking and credit union industry provides organizations with these cost-cutting, compliance assurance and efficiency boosting tools. Customized for each individual organization, ToolCASE can create personalized, scalable centralized Ai solutions to help banks and credit unions catch up with FinTech and save potentially millions of dollars, while boosting revenues and profitability by up to 50%.
Learn more about ToolCASE HERE
Or read more about why banks and credit unions should implement more Ai in their systems, HERE
Source: A case for the greater adoption of Artificial Intelligence in banking | Nairametrics