AI for consumers. What are the implications?

There is no doubt that the emergence of artificial intelligence has garnered considerable attention across society. And it has already had a major impact on our daily activities. The mysterious hidden algorithms that recognize which ads we will be interested in, scan our activity in social media and online shopping stores, and answer questions in chatbots are making our lives increasingly productive.

WHAT IS THE DIFFERENCE BETWEEN ARTIFICIAL INTELLIGENCE, MACHINE LEARNING AND DATA SCIENCE?

The broad term Artificial Intelligence includes scientific theories and technological practices for building services that behave similarly to the human intellect.

Machine Learning is a branch of AI that is applied directly in practice. And currently, when talking about using AI in business, in most cases this means Machine Learning. ML algorithms generally use a learning mathematical model, performing analyses which are based on a large amount of data, and conclusions are made without following strictly defined rules.

Data Science uses scientific processes for analyzing data, applying a wide range of mathematical methods, including ML and the collation, saving and processing of data.

Another related buzzword is Big Data – technologies that work with extra large amounts of information in order to build business operations.

SOCIAL BANKING EXPERIENCE

Digitisation is quickly conquering the world and customer convenience is top priority for all successful businesses. The application of AI into the banking industry opens up many growth avenues and opportunities.

The conservative approach, in which customers are treated almost the same way and are offered identical products is now out of date. With AI banks receive an opportunity to better understand the needs, lifestyle and interests of each customers.

BANKS USE AI TO CREATE A MUCH MORE CUSTOMER FRIENDLY ATMOSPHRERE AND DELIVER A UNIQUE DIGITAL BANKING EXPERIENCE

Financial institutions are currently introducing technologies that analyse the spending activities and habits of the customers and draw a picture of customer behaviour. This helps banks to provide their customers with truly personalised services including excellent saving opportunities, loyalty programmes and others.

It is impressive how much AI-powered capabilities ensure convenience and affordability for customers. Taking in consideration the speed of digitalisation of everything that people do, it is extremely important that banks also switch to hi-tech technologies which appeal to customers and cater to their specific needs and requirements.

PERSONAL FINANCE MANAGEMENT

AI and ML algorithms help financial platforms and apps to deliver an adaptive learning approach to make it much easier for users to be clear on their financial goals.

Smart banking apps can now recommend the best ways to maximise cashback and improve credit scores by offering various loyalty programmes relying on customer spending habits.

AI also helps customers to save money by transferring a flexible amount to a savings account and exclude situations in which an unexpected charge occurs which causes the customer to go overdrawn. With features like cash flow prediction and aggregated account data, banks can hold automated charges until there is more money in the current account, warn the customer that he or she may go overdrawn, suggest that money is paid in and other actions are taken to prevent the imposition of fees.

DETECTING FRAUD AND PREVENTING CYBERSECURITY RISKS

Fraud causes great losses for both banks and customers, with billions of dollars flowing into the pockets of scammers every year. If AI and machine learning can help to enhance cybersecurity in banking, both banks and their customers will benefit.

AI technology is getting increasingly smarter and now banks can use it to develop programmes that better identify unusual behaviour for each transaction. The advances in AI and particularly machine learning open new horizons for the fight against fraud.

The SOLAR platform architecture meets all modern requirements and trends and allows to AI to be embeded wherever it is needed to create the most effective payment systems.

SOLAR FRAUD PREVENTION – ONE OF THE SOLUTIONS DESIGNED BY SOLANTEQ, WHERE AI AND ML TECHNOLOGIES FIND A USEFUL PRACTICAL APPLICATION. SOLAR FRAUD PREVENTION HELPS BUSINESSES TO EFFECTIVELY PROTECT THEMSELVES FROM FINANCIAL FRAUD AND PROVIDE CONSUMERS WITH A DELIGHTFUL BANKING EXPERIENCE