What is the future of generative artificial intelligence technology applications in finance and banking?
The banking sector is among those sectors where the implementation of new ICT, Internet and Industry 4.0/5.0 information technologies, including but not limited to the applications of generative artificial intelligence technology in finance and banking. Commercial online and mobile banking have been among the particularly fast-growing areas of banking in recent years. In addition, the SARS-CoV-2 (Covid-19) coronavirus pandemic, in conjunction with government-imposed lockdowns imposed on selected sectors of the economy, mainly service companies, and national quarantines, the development of online and mobile banking accelerated. Solutions such as contactless payments made with a smartphone developed rapidly. On the other hand, due to the acceleration of the development of online and mobile banking, the increase in the scale of payments made online, the conduct of online settlements related to the development of e-commerce, the scale of cybercriminal activity has increased since the pandemic. When the company OpenAI put its first intelligent chatbot, i.e. ChatGPT, online for Internet users in November 2022 and other Internet-based technology companies accelerated the development of analogous solutions, commercial banks saw great potential for themselves. More chatbots modeled on ChatGPT and new applications of tools based on generative artificial intelligence technology made available on the Internet quickly began to emerge. Commercial banks thus began to adapt the emerging new AI solutions to their needs on their own. The IT professionals employed by the banks thus proceeded with the processes of teaching intelligent chatbots, implementing tools based on generative AI to selected processes and activities performed permanently and repeatedly in the bank. Accordingly, AI technologies are increasingly being implemented by banks into cyber-security systems, processes for analyzing the creditworthiness of potential borrowers, improving marketing communications with bank customers, perfecting processes for automating remote telephone and Internet communications of banks' call center departments, developing market analyses carried out on Big Data Analytics platforms using large sets of data and information extracted from various bank information systems and from databases available on the Internet, online financial portals and thousands of processed posts and comments of Internet users contained in online social media pages, increasingly automated and generated in real time ba based on current large sets of information and data development of industry analysis and analysis and extrapolation into the future of market trends, etc. The scale of new applications of generative artificial intelligence technology in various areas of banking processes carried out in commercial banks is growing rapidly.
In view of the above, I address the following question to the esteemed community of scientists and researchers:
What is the future of generative artificial intelligence technology applications in finance and banking?
What is the future of AI applications in finance and banking?
And what is your opinion on this topic?
What is your opinion on this issue?
Please answer,
I invite everyone to join the discussion,
Thank you very much,
Best wishes,
Dariusz Prokopowicz
The above text is entirely my own work written by me on the basis of my research.
In writing this text I did not use other sources or automatic text generation systems.
Copyright by Dariusz Prokopowicz
AI is gonna totally transform banking! Chatbots will assist you, fraudsters will be stopped, and you'll get personalized financial advice. AI will even automate paperwork and predict market trends. It'll be personal, safe, and super-efficient! However, we need to use AI responsibly and ensure everyone's on board. Buckle up, the future of banking is here!
Dear Dariusz Prokopowicz ,
It could increase efficiency and reduce costs for banks while providing faster and more accurate customer support. And all of this would be available 24/7, making it easy for customers to get help by answering questions, resolving issues and providing financial education outside of regular business hours.
https://www.forbes.com/sites/forbesbusinesscouncil/2023/03/20/the-future-of-ai-in-banking/?sh=4dab1a695ed5
https://hashstudioz.com/blog/future-of-artificial-intelligence-in-banking-financial-industries/
Regards,
Shafagat
I envision a time when an AI bot records every customer's banking history for analysis of risk, fraud, and other finance-related assessments. It might be a new form of credit score.
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