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In the given unprecedented times, digital transformation is vital. One of the significant challenges is modernizing banks and legacy business systems without disrupting the existing system. However, artificial intelligence (AI) and machine learning (ML) have played a pivotal role in conducting hassle-and risk-free digital transformation. An artificial intelligence and machine learning-led approach to system modernization will enable businesses to associate with other fintech services into embracing modern demands and regulations while ensuring safety and enabling security.
In the banking industry, with the growing pressure in managing risk along with increasing governance and regulatory requirements, banks must improve their services towards more unique and better customer service. Fintech brands are increasingly applying AI and ML in a wide range of applications across several channels to leverage all the available client data to predict how customers’ requirements are evolving. And they are also speculating what services will prove beneficial for them, what type of fraudulent activity has the highest possibility to attack customers’ systems. Leveraging the power of AI and ML in banking is required along with data science acceleration to enhance customers’ portfolio offerings.
Here are some significant roles of Artificial intelligence and Machine Learning in banking and finance listed below:
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