With more modern technological advances being made on a daily basis, our world is constantly changing and adapting. With further developments being made regarding artificial intelligence, we’re starting to see AI worked into the tasks we complete each day, from ordering food, driving to work, listening to music, and even making purchases. Artificial intelligence isn’t merely a robot built to perform human-like tasks so we don’t have to, but rather fine-tuned technology that unites all of our different devices and allows them to work together to provide us with the greatest customer experience possible.
Artificial intelligence isn’t just about convenience or doing our work for us so we don’t have to. Nor is it solely for our entertainment. It’s a way to complete tasks more effectively and efficiently. Banking is one area in which artificial intelligence is completely transforming for the better.
Mobile Banking
Have you ever stopped by the bank in need of immediate service only to realize that the branch was closed? This puts you in a major predicament, especially if you’re pressed for time, or need to withdraw or deposit funds immediately. Mobile banking, which functions with the assistance of artificial intelligence, totally eliminates this problem. You can save money, time, and hassle by using online banking in the form of an app on your device. You need only to take a photo of a check and it can be deposited in your account in mere minutes. No more wasting time waiting around at the bank.
Physical banking branches in addition to ATM machines will eventually become obsolete because of artificial intelligence. There will no longer be a need to utilize these machines because every banking need you have can be fulfilled online through your own personal device.
Fraud Prevention
Many people have been hesitant about trying out online banking because of fears regarding security. Everyone has heard the horror stories of individuals losing thousands of dollars because their identity was stolen, their banking information was compromised, or they were hacked. These stories have kept many from switching over to online banking for good. Artificial intelligence is helping to eliminate these fears by increasing security and preventing fraud.
For obvious reasons, security is one of the highest priorities in regards to further technological advancements. There are now a multitude of ways to detect suspicious activity and put your account on lockdown within mere seconds of a security breach. There are also far more ways to verify that a customer is who they say they are when accessing their financial information. In the coming years, we’ll see an increased use of two factor verification, thumbprint recognition and even face recognition through our mobile apps.
Final Thoughts
To conclude, there are far more advantages that artificial intelligence will bring to the field of banking than disadvantages. Even the most technologically wary customers will begin to warm up to the concept of digital banking because of the increased security that is offered as a result of artificial intelligence. ATMs will no longer be needed as a result of this modern form of technology. Essentially, these new technological advancements will allow customers to have more control over accessing their own money, in addition to allowing them to save time and hassle.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/
