Polish security researchers discovered NGate malware that steals NFC payment codes from Android phones, allowing criminals to withdraw money from ATMs in real time.

An internet privacy expert has warned users about the dangers of Apple's new AI feature. Apple Intelligence, released last month, embeds into the operating system, allowing it to pull information information from apps and tack action within them. Chip Hallett, author of The Ultimate Privacy Playbook, warned that the process lets the AI learn how people use their banking and financial apps and location maps. However, there are ways to block the tech from analyzing sensitive information stored on your smartphone. There is a hidden'switch off' function in Settings, which lives in Apple Intelligence and & Siri.

ChatGPT in banking could fuel new types of products, more personalized and more connected to users, so this case study explores an actual experience with AI-powered conversational banking design. Visionaries from BELLA and technical masterminds from LivePerson approached UXDA with a mission to infuse love and empathy into finance through a conversational banking app. It was a challenge to create a banking experience that feels more like a conversation with a friend than a traditional banking transaction, fostering an emotional connection between users and the service. As a leading provider of AI-powered customer engagement solutions, LivePerson has established a reputation for pushing the limits of human-computer interaction through their cutting-edge conversational solutions. In 2022, Fast Company ranked LivePerson #1 on its World's Most Innovative Companies in Artificial Intelligence list, as well as #21 on its overall World's Most Innovative Companies list.

Artificial intelligence in the banking sector makes banks efficient, trustworthy, helpful, and more understanding. It is strengthening the competitive edge of modern banks in this digital era. The growing impact of AI in banking sector minimizes operational costs improves customer support and process automation. Besides, AI in banking also helps users to select loan amounts at an attractive interest rate. The AI technology in the banking sector allows banks to update processes automatically and work under existing regulatory compliance. In this blog, we briefly explained a few core use cases of Artificial Intelligence in the banking sector. Let's have a look into What AI can do for the banking sector?

AI is fantabulous and in demand in the banking and finance sector. The technological furtherance in AI – machine learning, computer vision and natural language processing has downright remodelled the business world. The expert opinion states that the growth of the AI market would reach $190 billion by the year 2025! The application of conversational assistants or chatbots is one of the substantial benefits of AI in the banking and finance sector. As opposed to an employee, a chatbot is at one's disposal 24 hours a day, and clients are more complacent using this software programme to answer inquiries and complete many typical banking procedures that traditionally called for face-to-face interaction.

The popularity of mobile banking services is on top of in-branch banking systems. Nearly 75% of bank account holders are installing banking apps for instant money transfers, checking balance and loans dues, or requesting banking services online. Thus, mobile banking apps are facilitating a convenient and comfortable experience for the users. But, the cyber intruders on the other side are very eager to create opportunities from online banking services. Mobile banking applications are the best platform for intruders to hack bank accounts or theft sensitive banking information of the users.

Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant. AI-based systems can help banks reduce costs by increasing productivity and making decisions based on information unfathomable to a human agent. Also, intelligent algorithms are able to spot anomalies and fraudulent information in a matter of seconds. A report by Business Insider suggests that nearly 80% of banks are aware of the potential benefits that AI presents to their sector. Another report suggests that by 2023, banks are projected to save $447 billion by using AI apps.

Improve the customer experience and reduce costs. Then you know nothing about the chatbots and their potential in the financial industry. This solution can not only elevate your customer care service but also automate some routine tasks, help your employees, attract new clients, increase leads, etc. So, it's expected that the systems will save over $8 billion annual bank costs by 2022 according to the report by Juniper. Besides that, Gartner predicts that about 85% of user interactions will be held by the chatbots.

The OCBC Mobile Banking app now offers an artificial intelligence-powered, voice-based virtual assistant, which has already helped with over 20,000 requests made via voice since the feature's launch last August. In half of these requests, the customer was seeking information about spending categories and budgets; another 30% concerned past banking transactions. Other mobile banking services that were performed using voice included locating ATMs, paying bills and changing banking PINs. The new voice-activated banking service, which was developed and trained over 13 months and is called the OCBC Banking Assistant, 'lives' in the OCBC Mobile Banking app. The customer speaks to the assistant as if conversing with a human assistant – and the requested banking task gets done.

With technological advancement, artificial intelligence is set to touch and modify the financial sector, specifically retail banking in many different ways. A Narrative Science survey highlighted that 32 per cent of financial executive participants utilizes AI technology, such as voice recognition and predictive analytics. Moreover, an Accenture survey noted that 76 per cent of those surveyed believe most banks will use AI interfaces primarily for customer interaction by 2020. But AI is changing retail banking in more ways than one. IT costs are a pain point of retail banking, as they can account for as much as 10 to 15 per cent of a bank's total annual expenditures.