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5 ways AI is impacting financial technology

By May 3, 2018 January 21st, 2020 No Comments
financial technology

Long gone are the days when Artificial Intelligence (AI) was a thing of Science Fiction movies and television shows. Today, AI aids with day-to-day activities including everything from decision making to speech recognition. In fact, chances are you know someone – maybe even yourself – who has these AI items already installed in their home (Google home, anyone?). Daily tasks are getting more efficient, smarter, and easier as a result of AI, and it doesn’t stop with simple weather reports or music direction. The banking industry is starting to see AI as not only an aid with customer experience but provides increased productivity, too. Before the end of today’s post, you won’t have to ask Alexa a thing about AI’s impact on financial technology.

Appraiser software minimizes guesswork.

AI is helping users make better, smarter data-driven decisions. Real estate appraisal software helps appraisers keep track of client lists, financial records, project information, deadlines, and more, all in one place. No longer is an appraiser left sifting through a digital calendar, or worse, stacks of paperwork to uncover exactly what they need. Instead, appraisal technology allows appraisers to check-in on one dashboard to receive everything they need to know about their pipeline.

Banking technology boosts efficiency.

It goes without saying that credit union and banking technology is improved with artificial intelligence. While a lot of systems aren’t quite paperless, there are ways to maximize paperwork efficiency through AI. Think about loan documents for example. Why complete them by hand if a computer can auto-populate much of the necessary information? By using records that you’re already keeping, AI can automatically upload parts, if not all, of a document.

Artificial intelligence improves customer experience.

Have you ever encountered a bank or credit union that doesn’t want to improve their customer experience? Customer experience is what keeps clients returning again and again to a financial institution. AI only further improves customer experience by streamlining interactions and removing any burdensome steps often associated with financial services. By incorporating financial technology, a bank or credit union can boost everything including, but not limited to, communication and account management.

ConnectOne Bank mentioned in their recent infographic the top 3 ways financial institutions can use AI is:

  • 60% for data analysis
  • 59% for increased productivity
  • 54% for saving money

 

banking technology trends

 

Financial technology connects the dots.

Like the above infographic implies, when there are a lot of moving parts, it can be difficult to hone in. Through AI, data can be computed and connected in many different ways with just the click of a mouse. Plus, multiple users can access important information at any given time, versus the hassle of sending it back and forth. Technologies like cloud computing and appraisal software allow real-time updates only further improving everything from turn times to client experience.

AI has cost-saving benefits.

It comes as no surprise that AI has cost-saving benefits for users. There is a common misconception that with the influx of AI, there will be a smaller need for humans, and therefore, a fewer amount of jobs. Believe it or not, that’s simply not true. Instead, AI is helping bankers use onhand data to become more efficient and better for their customers. Artificial intelligence makes banks more competitive, propels growth, and even helps with hiring. Instead of being scared of AI risk, research and safeguard your business against possible threats and look into how AI can help your bottom line. You’ll be better because of it.

For more on the latest in financial technology and beyond, keep an eye on our blog. We’ll be bringing even more your way soon. If you have any questions, don’t hesitate to let us know. Like Siri, we’re here to help.