With the COVID-19 moving businesses online, the financial services industry is banking on artificial intelligence (AI) to make transactions secure.
Artificial Intelligence (AI) in finance is transforming the way we interact with money.
In the financial industry, AI helps streamline and optimise several processes, ranging from credit decisions to quantitative trading and financial risk management.
With the evolving use of AI in various financial transactions, we are now receiving a much faster paced and accurate system of handling our money than ever before.
In what ways does AI improve financial services?
– An API (application programming interface) solution enabled with an SMS/ email feature can be used to push customised content along with auto-generated payment links over and above your existing billing cycle.
– Payments via APIs can be used on websites that can be integrated on any platform. With advanced fraud detection and prevention mechanisms, each layer is accountable for the usage of advanced AI technology. In addition to protection and privacy assured to each layer of a transaction, the system is also PCI- DSS compliant.
– Without the hassle of marketplaces having to set up a Nodal account, the hard work is performed using AI technology, wherein individual virtual accounts are set up for each supplier and customized payments are pushed seamlessly from one single dashboard.
– An API-based solution coupled with invoicing, payment link and GST auto-calculation can be developed to ease the extra load. Features also include the creation of subscription plans over metered and fixed usage.
– The use of Artificial Intelligence provides a perfect sight for bookkeeping empowered with account receivables and payables – all at one single price. The opening balance, closing balance and reconciliation are all kept at a single location.
– With the benefits of lending APIs, ERPs (enterprise resource planning) is built onto one’s system to enable the customer to become self-sufficient without the hassle of borrowing or lending.
Benefits of AI in financial services
Enhanced customer service
With the popular usage of AI, millions of customers across the globe are now accessing the new services monitored with AI support. The customer database is gradually increasing with individual’s enhanced faith in technology and a gradual shift in consumer preferences from traditional to modern usages.
With a switch in online methods of payment and transactions, the heavy workload of people involved in the manual system of calculation and transactions is slowly reducing and is enabling a breathing space for manual intelligence and hard work. Moreover, smarter and quicker ways of development in financial services are now on the rise.
Advanced data analytics
With improved technological solutions and empowerment in smart ways, analytics and advanced data are the need of the hour and consequently are increasing in demand and popularity among all.
Better decision making
With manual labour now considerably reduced due to technological advancement, the capability to make better decisions is definitely in.