Financiers were quick to appreciate the market prospects for ai solutions that mimic human behavior while performing business tasks. It is important for businesses that AI is constantly learning, and using all available information, and this is not a format or function, but a technological process that provides decision-making based on data analysis. Banks benefit from the development of non-credit products — technological AI services — under the conditions of regulatory restrictions.
That is why AI in banks is developing in three main areas: AI as a product, as a service, and as an ideology.
AI AS A PRODUCT
A modern bank is hundreds of business processes and procedures that require constant attention, updating, and control. Automation has accelerated processes on static data, and AI considers a business process depending on data changes. This significantly improves the quality of the risk assessment of pre-approved loans, because the financial condition of the borrower is dynamic, and the basis for the marketing proposal is prepared in advance. So AI for credit scoring also reduces marketing costs.
Here are a few areas where AI is being applied as an internal product today: customer experience management, service optimization, underwriting, collection, regulatory, and cost management. The future of the entire financial organization is clearly in AI.
AI AS A SERVICE
Creating a full-fledged AI requires significant investments in development, data analytics, and support for the level of expertise. It is easier and more profitable for corporate clients to use the bank’s AI as a service than to develop non-core activities. This is a classic win-win situation for both parties, for example, for a bank’s foreign trade division.
AI accumulates complete information on the bank’s foreign trade clients (account movements, loan applications, lists of counterparties, etc.). Separately, available industry information is analyzed, including requests from corporate clients themselves, changes in legislation, analysts’ forecasts or regulators’ recommendations.
By providing paid access to AI as a service (separately or as part of a foreign economic activity package), the bank not only manages loyalty but also monitors the financial condition and business activity of its client online. And at the expense of a corporate client.
AI AS IDEOLOGY
The business culture of a bank affects the deployment of an AI solution, and the implementation of AI affects the business culture of a financial institution. Regardless of the size and innovativeness of the bank, it often becomes a cultural shake-up, a technological way to use internal resources.
Be that as it may, the introduction of AI has a positive effect on the corporate culture and mood of bank teams. It has been observed that teams that have implemented AI for internal or external clients themselves become more efficient and confident. Perhaps because, by penetrating the essence of business operations, programming assumptions and teaching AI, they themselves learned and developed.