How BFSI is Harnessing the Power of AI & Intelligent Automation

AI fraud detection applications collect public customer data from across the entire internet to identify who is a real customer, and who may not be. Combined with a financial institution's internal customer data, a high level of accuracy is achieved in spotting fraudulent activities in real-time. Additionally, false flags are reduced. For example, in the past, if a credit card holder swiped their card from the other side of the country, the card ran the risk of being locked by the financial institution. With today's AI tools and predictive analytics, a bank may have access to a customer's geolocation, transaction history such as airline tickets, and social media posts regarding future vacations, preventing false flags, and ultimately, damage to the bank/client relationship.