AI apps provide banking services even on public holidays as well.

Can you expect this kind of

support from a banker?  No, this might not be possible with a banker to clarify customer issues,
especially during the holidays.

Thus, Use Cases of AI in the Banking Sector in banking helps banks provide the right services at
the right time.

The best real-time example of artificial intelligence in banking is Bank Of America’s Erica
virtual assistant. This AI virtual assistant for banking clients gives personalized
recommendations to users. It automatically sends updates on credit reports. Besides, it also sends
bill payment alerts to customers. Thus, Erica offers great personalized support to accounts.

USM’s AI apps automate your operations, sends alerts on fraudulent notifications. Our top-notch
mobile apps for banking extend your brand name within a short span. Get connected today to
know more about our AI mobile apps for banking.

1.1 Picks creditworthy clients to disburse loans

Generally, most of us experienced frustration when we apply for a personal loan in banks. The
manual verification of transaction history and credit score might take long hours. And, the
bankers make us feel tensed even after we are creditworthy customers.

AI-based credit decision systems analyze customer transaction data and determine whether the
customer is eligible for the loan or not in a matter of minutes.

USM also has proven AI apps for the banking sector. Our AI-based banking mobile applications
help customers easily apply for loans, credit cards, and cheque-book.

1.2 AI helps banks run under regulatory compliance

As the healthcare sector, the banking industry is prone to frequently changing compliance rules.
Every bank should provide banking services and support customers under existing regulatory
compliance.
A bank should not disclose its customer’s financial data and is highly prone to hacking. AI-based
fraud analytics tools detect suspicious acts of hackers. In this way, AI helps banks in protecting
their customer’s data and improving their regulatory compliance.

2. Conclusion
A set of solutions can be recommended by AI to satisfy the requirements of every person. People
with a high-risk appetite can depend on AI to decide on when they wish to purchase, hold and
sell a stock, while people having a low-risk appetite can obtain alerts notifying them when the
market has the scope of falling so they can determine whether they wish to remain invested in
the market or to exit it. 

AI is definitely here to stay and it will be interesting to observe how the technology further sinks
its paws into the sector.