In the past few years, there has been a lot of talk about how artificial intelligence (AI) is going to change the banking industry. Banks are under pressure to keep up with the pace of innovation, and many are turning to AI to help them improve customer service, prevent fraud, and boost efficiency.
There are a number of different ways that banks are using AI. Many banks are using chatbot s to communicate with customers in a more natural way. These chatbot s can handle simple tasks like providing account balances and making payments. They can also provide more complex advice, like helping customers choose the best mortgage for their needs.
Banks are also using AI to detect and prevent fraud. By analyzing customer behavior patterns, AI can flag suspicious activity and help banks avoid losses from fraudulent transactions.
AI is also being used to make lending decisions. By analyzing data about a borrower’s financial history, AI can help lenders predict whether or not someone is likely to repay a loan. This information can be used to make better-informed lending decisions and reduce the risk of default.
Overall, AI is helping banks improve customer service, prevent fraud, and boost efficiency. As the technology continues to develop, it is likely that we will see even more
HDFC
HDFC Bank is one of the leading banks in India that is using artificial intelligence or AI. The bank has been working on various AI-based projects such as a chatbot, named EVA, for customer support and engagement. The chatbot was launched in 2017 and has since handled over 3 million queries from HDFC customers. The bank has also developed an AI-based fraud detection system that can detect fraudulent transactions in real-time. Other AI-based initiatives by the bank include a virtual assistant for its employees and an automated loan approval process.
ICICI
The bank is also using AI to detect and prevent fraud. It has deployed a machine learning platform that analyses customer behaviour and transaction patterns to identify potential instances of fraud. The platform is said to have helped the bank detect and prevent over Rs 1 crore (US$145,000) worth of fraudulent transactions in the last financial year alone.
In addition, ICICI is using artificial intelligence for loan approvals. The bank has partnered with an AI startup called KAI Banking Solutions to develop an automated loan approval process that uses machine learning algorithms to assess the creditworthiness of borrowers in real time. This system is said to be able approve or reject loan applications in just seconds, as opposed to the several days it takes under the traditional manual process.
Axis
Founded in 1993, Axis Bank is the third largest private sector bank in India with a strong focus on digital innovation. The bank has over 4,000 branches and 12,000 ATMs across the country and serves around 50 million customers. In recent years, Axis Bank has invested heavily in developing its digital capabilities, including its use of AI technology.
One area where Axis Bank has been using AI is in customer service. The bank launched India’s first artificial intelligence-powered chatbot called “Alya” in 2016. Alya is available 24/7 to answer customer queries and help with basic banking tasks such as checking account balances or paying bills. The chatbot uses natural language processing (NLP) to understand customer queries and provide accurate responses.
Another area where Axis Bank has been using AI is for fraud detection. The bank partnered with data analytics firm SAS to develop a predictive modelling solution that uses machine learning algorithms to identify suspicious transactions and flag them for further investigation. The solution was implemented across all of Axis Bank’s credit cards and resulted in a significant reduction in fraudulent transactions – from 0.5% before implementation to just 0
Bank of Baroda
The history of Bank of Baroda dates back to 1908, when it was founded by the Mysore Maharaja (King), Sir Sayajirao Gaekwad III. The bank initially operated only in Gujarat and Rajasthan but later spread its operations across India. In 1956, the Reserve Bank of India (RBI) nationalized BoB along with 13 other banks.
Since then, the bank has grown rapidly and today offers a wide range of banking products and services to its customers including loans, credit cards, savings accounts, fixed deposits etc. The bank also offers internet banking facilities to its customers which help them conduct transactions online without having to visit a branch.
In recent years, BoB has been at the forefront of adopting new technology to provide better customer service. In 2015, it launched an artificial intelligence (AI)-based chatbot called ‘’BOBCAT” which helps answer customer queries related to banking products and services offered by the bank. The chatbot is available 24/7 on the bank’s website and Facebook page. Customers can also use BOBCAT to book appointments with relationship managers at their nearest branch or even report issues faced while using BoB’s internet banking facility.
In 2017, BoB became one of the first banks in India to launch a mobile app for visually impaired people which uses artificial intelligence algorithms to convert text into audio format so that users can listen instead of reading it on their phone screens.. This app called ‘ Seeing Is Believing ‘ helps blind people identify currency notes as well as read text messages received from friends or family members without any difficulty
Andhra Bank
Some of the ways in which Andhra Bank is using AI include:
1. Automated customer support: Andhra Bank has deployed AI-powered chatbot s on its website and mobile app to provide 24/7 customer support. The chatbot s can answer queries related to banking products and services, and also help with basic transactions such as balance enquiries and fund transfers.
2. Fraud detection: Andhra Bank is using AI to detect fraud in real-time and prevent it from happening in the first place. The bank has been able to successfully identify and stop fraudulent transactions worth millions of rupees with the help of AI.
3. Improved accuracy in financial forecasting: Andhra Bank has deployed AI-powered algorithms that analyse past data patterns to make more accurate predictions about future trends in the market, which helps the bank take more informed decisions about investments, loans, etc.
Kotak Mahindra Bank
In 2017, Kotak Mahindra Bank launched a chatbot named Kanya. Kanya is a digital assistant that helps customers with simple banking queries such as checking account balance and transactions. The chatbot can also help with more complex queries such as applying for a loan or credit card.
Kotak Mahindra Bank has also used AI to develop a fraud detection system that can identify fraudulent transactions in real-time. The system is based on machine learning algorithms that get smarter over time as they are fed more data.
The bank has also used AI to improve its customer service. It has developed a virtual customer assistant (VCA) that can handle simple customer queries without the need for human intervention. The VCA is available 24/7 and can handle multiple languages.
Kotak Mahindra Bank is not the only Indian bank that is using AI. Other lenders such as ICICI Bank, HDFC Bank, and Axis Bank are also using various forms of AI to improve their operations.