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?

More personal consumer loan products are emerging in mobile banking APP. For ease of use, application process is always simple, which means that few application information is requested for user to fill when applying for a loan, which is not conducive to construct users' credit profile. Thus, the simple application process brings huge challenges to the overdue risk detection, as higher overdue rate will result in greater economic losses to the bank. In this paper, we propose a model named HUIHEN (Hierarchical User Intention-Habit Extract Network) that leverages the users' behavior information in mobile banking APP. Due to the diversity of users' behaviors, we divide behavior sequences into sessions according to the time interval, and use the field-aware method to extract the intra-field information of behaviors. Then, we propose a hierarchical network composed of time-aware GRU and user-item-aware GRU to capture users' short-term intentions and users' long-term habits, which can be regarded as a supplement to user profile. The proposed model can improve the accuracy without increasing the complexity of the original online application process. Experimental results demonstrate the superiority of HUIHEN and show that HUIHEN outperforms other state-of-art models on all datasets.

Bank of America hits a milestone with Erica. It's not only fintechs that can lure millions of customers their way. Bank of America's voice-activated virtual assistant Erica now has more than ten million users. It's also on track to complete 100 million client requests in the coming weeks and that's all since its launch in June of 2018. "Erica is ushering in a new era of personalized banking and providing our clients never-before-possible convenience," said David Tyrie, head of advanced solutions and digital banking at Bank of America in prepared remarks.

Today, some 80% of large companies have adopted machine learning and other forms of artificial intelligence (AI) in their core business. Five years ago, the figure was less than 10%. Nevertheless, the majority of companies still use AI tools as point solutions -- discrete applications, isolated from the wider enterprise IT architecture. That's what we found in a recent analysis of AI practices at more than 8,300 large, global companies in what we believe is one of the largest-scale studies of enterprise IT systems to date. To scale the benefits of AI-innovations, those companies need to stop thinking of AI tools and applications -- such as natural language processing or computer vision -- as standalone solutions.

This article in CustomerThink identifies many different solutions where Artificial Intelligence can enhance banking, but makes it appear these solutions are already widely deployed. While each solution is currently in-market by at least one large bank this is a far cry from broadly deployed. Mercator surveyed large banks and found 93 different Artificial Intelligence solutions deployed in 13 different departments. "Machines are getting smarter globally. Thanks to thriving Artificial Intelligence (AI) concept, companies can make their devices more powerful and'intelligent' to serve their customers in a better way. Both B2B and B2C businesses have started adopting this revolutionary technology as per their scale and size. However, the penetration of AI in the banking sector is somewhat limited to date. The distinct datasets and the risk of confidential data are primarily responsible for the sluggishness of AI integration in the banking system.

Machines are getting smarter globally. Thanks to thriving Artificial Intelligence (AI) concept, companies can make their devices more powerful and'intelligent' to serve their customers in a better way. Both B2B and B2C businesses have started adopting this revolutionary technology as per their scale and size. However, the penetration of AI in the banking sector is somewhat limited to date. The distinct datasets and the risk of confidential data are primarily responsible for the sluggishness of AI integration in the banking system.

For the past couple of years, financial institutions have explored how AI can help them in several areas, such as reducing costs, enhancing revenue, eliminating fraud and improving the customer experience. One of the most recent AI efforts is Bank of America's Erica, a virtual assistant focused on the customer experience when launched three months ago. The financial services player claims it is the first widely available AI-driven virtual assistant of its kind in the industry. The bank recently announced 1 million mobile banking users have accessed Erica's features to search for transactions, view balance information and bills, get their credit scores and their account numbers. While that figure represents only 4 percent of the bank's 25 million-plus mobile banking clients, at least one industry analyst deemed it as progress from Bank of America.

Artificial Intelligence is no more an alien word for any of us. Its use in day to day conversations and prevalent references depicts the same. Consider time two decades back, Artificial Intelligence was referred to something that could interpret and imitate human perceptions. Considering today, Artificial Intelligence has created an explosion of advancements in every sector one can think of. Adapting to human nature and behavior, AI has completely turned every stone and has evolved into an extremely successful and detailed technology that every sector is adapting to eliminate human intervention.

Wells Fargo & Company announced that it has added Artificial Intelligence (AI) enhancements to its mobile banking app, which will give users personalized insights into their finances and allow them to achieve financial goals. Right now, there are more than 50 prompts a customer can receive, such as flagging higher-than-normal automatic monthly payments, sending a reminder to transfer money from savings to a checking account to avoid an overdraft fee, and prompting a user to transfer additional funds into savings if they have more money than usual in their checking account in a given month. The company plans to add additional insights regularly, as well as to launch the feature to small business and credit card customers later this year. "We understand the importance of not only providing customers with insight into their spending habits, but providing it to them where they already are, which is increasingly on a mobile phone, and in a format that allows them to take immediate action," said Katherine McGee, head of Digital Product Management for Wells Fargo Virtual Channels. "Predictive banking is another tool to help customers lead financially healthy lives."

With the advent of chatbots, personal assistants, and robo-advisors, it may not be too hard to imagine that the next wave of technology could revolutionize the traditional style of banking. An Accenture report recently indicated that within the next three years, banks will deploy Artificial Intelligence (A.I.) as their primary method to interact with customers. In early 2016, Swedish-speaking Amelia became the first non-English deployment of IPsoft's AI platform at SEB, one of Sweden's largest bank. The bank adopted "digital employee" Amelia to integrate into its front-office. The cognitive agent solves problems just like humans "but in a fraction of the time", interacts just like humans and even senses emotions.