Four Ways Artificial Intelligence Will Transform Banking

Mobile banking is directly impacted by AI and ML customer service and security and fraud detection innovations -- and it's seeing other benefits as well. AI in mobile banking is fundamentally reshaping the customer experience. The core premise of mobile banking includes providing banking services around the clock, as well as enabling customer support staff to concentrate on more complex tasks. For instance, a chatbot, such as Bank of America's Erica, an AI-based virtual assistant, can help customers check balances, remind them about bills and answer bank-related questions. To further sweeten the deal, Erica doesn't take a lunch break and never needs a day off.