voice-controlled virtual assistants
When it comes to digital channels, AI can directly power and drive chatbots and reduce the workload of customer call centers. With advances in AI, voice-controlled virtual assistants are getting smarter and can even simulate the voice of a human. AI-assisted personalized financial advice is also gaining traction. They can track expenses, spending habits, recurring income and present an optimized financial plan for the customer.
AI-powered fraud detection systems can analyze customer buying habits, behavior, location, and send alerts if some activity seems fishy or goes out of order. AI has been very effective in preventing fraud related to credit cards in online transactions.
Financial risk management has become critical in today’s digital era. AI can process vast amounts of data in record time and analyze and identify potential risks. With advances in cognitive computing, both structured and unstructured data can be managed easily.
Trading systems driven by AI can monitor data in real-time and enable faster decision-making and transactions. Stock performance predictions are pretty accurate using AI. Based on an investor’s short-term and long-term goals, AI can give recommendations for the strongest portfolios.