Top Ai-Powered Pathbreaking Technology Innovations in Banking

We are futuristic beings and love to see the world of our dreams. To our delight, we are quite lucky to live in a world that’s shaping up to be like a sci-fi movie – though, cars flying around is still an illusion but nevertheless, many progressive changes are happing and they are worth taking note of.
Classic is still appreciated, my most fond memory in a bank is waving hi to the receptionist, being treated to a juice while my dad did some paperwork, and just watching people all around, doing different transactions. Now, we neither have the time to visit a branch nor we have time to sip a juice lazily waiting for the work to happen. Thanks to technology life is much easier now. At least for a couple of years, I dont remember visiting a bank branch to get any work done. A call to their helpline number or logging into their webpage, or just clicking some virtual buttons on the app is all it takes to do any kind of banking transaction.

Tech-Lead Banking Wave is Riding High!

I think it’s great, technology is making our life easier and more easier. Now the AI wave is riding high. Every bank aims to accommodate this new technology to scale up their operations, make their customer experience better, or simply to enhance the understanding of their customers. So let’s take a plunge into the future and expand the horizons of our imagination to see the path-breaking Ai lead prospective innovations that will embrace banks in the near future.

Table of Contents

  1. Open a bank account just by sending a selfie (Ai-powered technology)
  2. Investment banking simulation, let AI take investment decisions
  3. A step ahead of chatbots – Conversational AI specialists at your service.
  4. Smile to pay the payments with a new AI-powered technology

 

Open a Bank Account by Sending a Selfie (Ai-Powered Technology)

Let’s face it, whether we like it or not we are all a part of the selfie-generation. Wherever we go, whatever we do taking a selfie is an important part of the ritual. Banks have sharply understood this and now they are using an Ai-powered technology to expand the millennial customer base. NatWest a major bank in the UK has adapted this technology in partnership with Hooyu. This technology matches the photo taken by an applicant in real-time with their passports or driving licenses or any other government-issued ID cards.
It’s a quick, hassle-free way of opening a bank account. Its also considered to be a high-security measure in place as any time you have to login you will have to do it using facial recognition and in case anyone else tries to punch in some number to hack into your account an instant alert is shared.

Investment Banking Simulation, Let Ai Take Investment Banking Decisions

Time to test the waters? Well, why take a risk lets simulate the conditions and predict the future, and based on the discovery we can make the right investment decisions! Sounds exciting? That’s the future, much predictable less fictional.
Barclays The firm led a recent $6 million funding round for Simudyne, a tech service provider that uses agent-based modeling and machine learning to run millions of market scenarios. These simulations help investment bankers spot so-called tail-risk, low-probability, and high-risk events.
Not far from the day when each of us will make millions by using this prediction, too optimistic a thought?

A Step Ahead of Chatbots – Conversationational Ai Specialist at Your Service

 

Chatbots are so boring like they dont feel easy to transact with sometimes. They dont respond to us like humans and are always following rules! When I do banking transactions, I would be super delighted if someone actually responded with patience and relevance. So going forward a conversational specialist is what we will be talking to.
Kasisto is one such firm that has been backboned AI assistants for several prominent banking institutions across the globe. Their AI assistants are built with good AI reasoning ability and natural-language understanding. This simply translates to them reacting more like humans and less like robots.

Smile to Pay Payments With a New Ai-Powered Technology

 

 

Let’s take a 2-minute silence to bid good-bye to the famous saying – A smile costs you nothing! Well, now literally a smile can cost you all your pending payments! China has launched a facial recognition technology that allows customers to pay just by flashing a smile.
When it comes to digital innovation, china is breaking glass-ceilings. Alibaba uses a technology called Face++ from Chinese startup Megvii, which raised over $150 million from investors that include Foxconn.

Are You Still Creating ML Modeles Manually?

 

It’s now time to switch from manual model building and adopt AutoML. An AutoML platform allows you to spend less time in building the right model and also in adjusting parameters to achieve high model accuracy levels. Plugin the data and multiple models based on your requirement is churned within hours, a task that requires several months to finish.
Check out the Award-Winning AutoML platform used by 8 of the top 10 banks in the world – Driverless Ai

 

 

Connect with us – Mail: abhishek.roy@act21softwares.com | Website: www.act21.io

 

subscribe to our blog posts