How artificial intelligence and robotic process automation will Transform the Financial Area?
Initially, when robotics and automation were introduced to the public, everyone saw its biggest potential in the manufacturing industry. Experts were trying to achieve more valuable results by testing it over different scenarios. It came true- more and more advanced systems were developed leveraging advanced analytics, artificial intelligence (AI), deep learning, and many more technologies. At the same, blockchain and AI together brought the best solutions to manage financial transactions.
The capable AI models can process and analyze a huge data set presenting valuable insights from them. They are very useful in fraudulent transaction detection, pattern analysis, and many more tasks. The demand for such experts who can get the best from these technologies is rising at a rapid scale.
Robotic Process Automation (RPA) is becoming very popular these days, especially in financial services. It comes out as the best option for the complex as well as a simple task. Whereas Artificial Intelligence can be used to handle more complex tasks in which cognitive processes are required.
RPA can be used for any processes after combining it with AI, Without AI, RPA is best for only accounting or backend processes.
Let us discuss some benefits of artificial intelligence and robotic process automation in financial services.
- Customer services with Artificial Intelligence
In finance, customer service is the popular application of AI. AI helps to manage the emails and generate automated replies for them. Managing thousands of emails is a quite difficult task for the team and AI has made this task easy. AI understands the meaning of the email and then suggests a required answer for this so that the client can submit with a single click.
- Sales and customer intelligence with Artificial Intelligence
AI has come up as the best solution for managing and analyzing user data and also gives automated suggestions based on their previous activity. It has given a new vision to the business to grow sales and to make its market value. With the help of AI, businesses are able to maintain long term relationships and are generating leads into sales.
- Artificial Intelligence in the IT Sector
With AI, you can check that an application or hardware is about to fail. AI has enhanced the effectiveness of IT solutions.
- Fraud prevention with Artificial Intelligence
You can detect the fraud with the help of AI. With AI, fraud management has become more efficient as it will restrict or remove fraud payments.
- Cybersecurity and Artificial Intelligence
In cybersecurity, AI is useful in detecting threats and risks before they occur. Cyber threats are becoming more critical day by day and after combining AI and cybersecurity, the risk has been reduced. We have heard that AI will replace human beings which is totally wrong. AI is designed to make things automated and to provide the expected accurate result. You cannot compare human supervision with AI. AI algorithms are still in the learning phase.
- Artificial Intelligence to reduce fraudulent transactions
Everyone wants to eliminate the probability of risk conditions in their business. As we discussed above AI can be used in fraud detection and management. It is helpful especially in case of financial issues. Banks or other financial companies take such fraud cases very seriously. Banks use AI for security purposes as with AI they can detect the fraud customer on the basis of their past transaction history. AI can predict results after calculating their last transaction amount, location, and many more factors. From the security point of view, AI proves best in the list. Banks give someone else’s money to you as a loan. So they have to be very careful to avoid fraud cases. The main thing in using AI for fraud detection is that you do not need to learn more. It will automatically learn from experience. It means if the system is showing red color for the previous account transaction and humans will correct it, then the AI will provide a more accurate result and detect the user is fraud or not. It is the best thing in AI that everything has become automated. It predicts results on the previous behavior or activity.
- Artificial Intelligence in Trading
AI has also made its place in trading sectors. Investment and trading companies are totally dependent on computers for their crucial data management. To predict the future market values, they rely on data scientists. Machines prove best to predict future market conditions on the basis of data. Machines can be designed to develop a pattern of data to analyze the future. AI will make the work done within minutes or seconds by analyzing a big data set. It will go through previous patterns and then analyze how this pattern can get repetitive. A machine can be structured to analyze the information to find risks and their solutions before they occur. It protects data from misuse. AI provides solutions to reduce the risks by giving suggestions. AI suggests solutions as per the demand and problem of the person. If the person is facing major issues then AI will suggest to him when to make purchase or sale on the basis of previous data records. And, if the person is facing simple issues then it will give suggestions according to his condition like when the market will be down or up. So it will help you in deciding whether you need to invest or not.
- Managing Finance
Managing financial data manually is a difficult task and the computers made this task easy to handle. But there is a big data set to manage then it creates trouble and the possibility of doing mistake increases. At this point, AI is there to overcome this issue. Personal Financial Management (PFM) is an AI-based wallet that is designed to manage financial data. This wallet is based on an algorithm that helps users in taking their money-related decisions. This wallet generates your spending graph which represents the money you have spent. It takes data from your previous transactions. It saves time to be spent on creating and managing a spreadsheet. It is the best thing to be used for personal financial management. AI has made its place in almost all of the business sectors and has provided automated solutions to make the task easy and simple.