Banks are repositories for information, and managing all of that data is a task too large for a single person—or sometimes even an entire team. This is where advancements in technology and artificial intelligence (AI) are industry game changers. While many banks are already familiar with their basic online systems and automated caller menus, many are not yet aware of the powerful new AI tools they could leverage to boost their efficiency and keep their data secure.
How Can AI Improve Business Operations For Banks?
In many ways, Artificial intelligence can act like another employee with a unique set of skills. From managing customer interactions to parsing data and identifying risks or vulnerabilities, technology has advanced into new areas that banks can leverage to improve their business operations. In particular, bank leaders should keep the following advantages in mind, and consider whether their institution is currently on the forefront of these technological strides.
Improve and Save Resources On Underwriting Processes
AI is powerful in its overall processing capability, which means that it can take large swaths of information and synthesize it into useful data. In the case of underwriting, AI can speed up processes by more comprehensively reviewing information like pay stubs, tax documents, debt accounts and more to determine eligibility – and it can do so in a less invasive way than ever before. This frees staff from lengthy review times and provides a more equitable result.
Mitigate Risks Associated With Illegal Transactions
Fraud can be difficult to spot, from phishing to unauthorized transactions masked under a stolen identity. AI can develop a profile for bank users to more accurately identify uncharacteristic purchases. It is capable of reviewing hundreds of thousands of transactions each second, identifying suspicious behavior much faster than human reviewers.
Automate Customer Support And Feedback
Bank staff have a lot of important work to do, and handling queries on the phone or via online channels is often not the highest and best use of their time. AI can streamline customer support by providing smart, adaptive responses to some of the most common issues. This diverts customers with simple questions to the appropriate resources, freeing up your workforce to handle other responsibilities or dive into complex questions that are unique to specific users.
How Banks Can Improve Processes To Support AI
To realize the full benefits of AI, banks need to adopt a strategic technology plan. With careful consideration, AI can integrate directly into existing work structures to improve your banking processes. Executives do not need to tackle this alone; an expert can help navigate this new method of doing business.
Adopt Core Conversion And Digital Transformation
The term “core conversion” refers to changing or updating the platform used by a financial institution. This central system dictates how transactions and data are handled, and taking the next step in your digital transformation equips you with the tools to lock AI seamlessly into your workflow.
Utilize Data For Better Decision Making
AI and machine learning are only as useful as the data that is fed into them. Be sure to establish robust data collection methods, and be willing to learn from the data gathered there, in order to equip the AI system with the decision-making power it needs to function efficiently and improve business processes. Data can provide factual information on which to make decisions for the future.
Speak With Hartman About Leveraging AI For Your Bank Today
At Hartman Executive Advisors, we understand that technology is constantly evolving at a fast pace. You should feel confident in evolving with it—which is why we are glad to work alongside your team to improve your processes and streamline your integration with artificial intelligence. Reach out to learn more about how we can help your business use technology to create competitive advantage, efficiency, and scalability.