Revolutionizing the accessibility of the banking services by automating time-consuming day-to-day processes, the adoption of Artificial Intelligence can empower the traditional banking system with digitization resulting in better growth and revenue.

By leveraging the usage of AI-driven chatbots or virtual assistants, banks can provide uninterrupted round-the-clock customer service answering and solving problems, personal insights, and recommendations for products and services, eventually saving staff hours with superior customer experience. The implementation of AI can optimize the essential banking areas like accounting, merchant services, wealth management, business process management, asset management, internal audit, sales, and marketing resulting in greater automation of tasks. Benefiting the banks with improvised business operations from saving costs, fewer frauds by predicting the future behavior of customers based on the analysis of past behavioral patterns and data, and with advanced fraud detection and prevention, banks can experience improved operational productivity.

Finding solace in the modern age technology of Artificial Intelligence, traditional banks are collaborating with technology giants to offer modernized banking services to their customers. Adapting to the latest AI-driven digital age and redefining the customer experience, will the banks remodel their ecosystems with continuous growing cyber threats?

- MADHAVI DESAI