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How Small Banks can Utilize Artificial Intelligence
Artificial intelligence (AI) has revolutionizing capabilities for banks and seems to be potent enough to enhance their customer relationship. However, the technology seems to benefit the larger banking organizations more because of the investment it demands. But this does not mean that small and mid-sized cannot get their hands over the technology and gain an advantage from it. Below are discussed a few trends that will leverage the small and mid-sized banking organizations to expand their business with the help of AI.
There are several banking organizations that have incorporated chatbots for improving their customer service. These AI enabled chatbots provide real-time and personalized assistance to the customers just like humans. Chatbots can handle multiple customer queries and respond to all of them at the same time based on the bank's database. Processes such as modifying personal details which currently requires bank employees can be easily completed through the chatbots without even compromising with security. Although the installation of the technology may require a huge sum, their return ROI is equally high.
Enhancing Security and Fraud Detection
The banking sector is probably the most vulnerable one to cyber attacks and requires continuous monitoring and update in security. AI holds the capability to carry out the job efficiently and ensure maximum security of the database in real time. Also, the tech provides real-time fraud detection and prevention which is utmost important for the sector. Small banking organizations do not need to completely transform their existing security measures, AI enabled tools and software can be easily integrated with them, resulting in lesser investment.
Joining Hands with Third Party
To improvise and enhance customer service small and mid-sized organizations can join hands with already existing firms that supply AI enabled devices. Minor changes in the algorithm of the devices and banking software would result in much advance product and customer service solution. People nowadays have started to use virtual home assistants and if banks integrate their software with it, customer experience will surely enhance and benefit both organizations at the same time.
Targeting the Underserved
Sometimes the large banking organizations fail to cater all their customers equally; especially the smaller ones and they remain underserved. Small banks can target such cohort and convert them into their loyal customers. For this they can optimize social platforms and use online surveys, also banks can put AI for the job which will sort the audience and speed up the process.