AI stands for Artificial Intelligence. In general, machine learning and AI in the banking industry can be defined as using technology for Big Data processing, highly personalized offers, automatic scoring, fraud detection, conversational banking and financial and advisory assistance. Thus, artificial intelligence in banking affects all the traditional services, generating a range of disruptive opportunities in the banking industry.
AI solutions in banking will bring digitization of the banking industry to a new level by automating complex service processes that were previously performed by highly skilled bankers. This will lead to millions of job cuts in the next decade. On the other side, this will increase competition in the financial industry that results in increased service quality and reduction of fees.
AI in the banking sector is extremely important to make the financial industry more transparent, safe and user friendly. Revolutionary AI technology in banking could process a huge amount of data that is not able to be processed by the human brain, and detect hidden correlations. Artificial intelligence will transform the banking industry into a personalized financial advisor who can predict the future based on the decisions you take, and suggest the best possible way of operating with money.
Check out the best articles by UXDA about using AI in banking and finance.
As the usage of physical cash diminishes and digital consumption skyrockets, traditional banks are undergoing a seismic shift to adapt to changing customer preferences. Digital transformation is reshaping industries and consumer behaviors, and the banking sector stands at a crossroads, poised to redefine our financial experiences in unprecedented ways.
UXDA received the Gold Award for the AI conversational banking app UX/UI design in the most prestigious and renowned Italian design competition A’ Design Award.
Will AI make customers' lives better than ever before or become dangerous if applied without human-centricity?
ChatGPT in banking could fuel new types of products, more personalized and more connected to users, so this case study explores actual experience with conversational banking design. LivePerson approached UXDA with a mission to infuse love into finance through an innovative banking app.
If we look a bit further, we can see the disruptive perspective of AI that will go well beyond banking, completely transforming digital customer experience, and even providing super-powers to mankind.
Most people can remember a situation in their lives when they experienced a huge amount of stress when dealing with money. A user-centered financial UX should help cope with such struggles and even save lives in order to avoid tragedies like the suicide of Alexander Kearns.
Million of bank employees will lose their jobs in next decade, and the reason for that is technology: digitization in banking, AI in banking.
Finance has always been quite conservative but it hasn’t missed out on technological progress. Due to the development of technologies, banks are becoming separated from their customers. According to research, 40% of American bank customers don’t go to...
It was announced that UX Design Agency, a small agency from Latvia, has been nominated for European’s Best FinTech Award. How did they achieve it?