Artificial Intellgince — Opportunities for Banking

Know Your Customer (eKYC)

By leveraging optical character recognition (OCR), NLP, computer vision, and data extraction models, banks can find anomalous patterns and identify risks in KYC processes without human intervention. The integration of AI technologies provides benefits like accelerated processing times, improved security and compliance, and reduced errors.

Retail Banking

Personalization: Personalization provides clients with a comprehensive solution while reducing the call-centers workload. By using solutions like voice-controlled virtual assistants, smart tools to check balances, schedule payments, look up account activity and more, banks can offer personalized financial advice and help individuals achieve their financial goals. These intelligent systems track income, essential recurring expenses, and spending habits to come up with an optimized plan and financial tips. AI enables banks to develop a stronger relationship with their customers, becoming trusted partners in their lives.

Trading

Algorithmic Trading: Intelligent Trading Systems (also called quantitative or high-frequency trading) monitor both structured (databases, spreadsheets, etc.) and unstructured (social media, news, etc.) data in a fraction of the time it would take for people to process it. The predictions for stock performance are more accurate, due to the fact that algorithms can test trading systems based on past data and bring the validation process to a whole new level before pushing it live.

Wealth Management/Investment Banking

There is a colossal amount of data being recorded for assets and it is growing exponentially. By applying AI/ML and automation solutions improves the overall function and decision-making process. Wealth managers and investment bankers could use natural language processing (NLP) for data mining of social media data for research purposes. NLP could scrub the web for news about mergers & acquisitions and look for the sentiment around certain companies to get an idea of how consumers are reacting to them. This could give an idea of which stocks might soar or plummet and allow them to make a more informed decision on what to do with a client’s stocks in the moment — the most prominent technique involves the use of artificial neural networks and algorithms.

Security

Cyber Security: AI-powered Cyber Security applications provides intelligent detection, prevention, and security. Cybersecurity applications are among the most popular AI applications today, this is because these applications rely on anomaly detection which machine learning models are very well suited for. Few top uses-cases within Cyber Security are as follows;

Admin/Other

Process Automation: AI-enabled software verifies data and generates reports according to the given parameters, reviews documents, and extracts information from forms (applications, agreements, etc.). Employing robotic process automation for high-frequency repetitive tasks eliminates the room for human error and allows a financial institution to refocus workforce efforts on processes that require human involvement.

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Aion Digital

Aion Digital

Aion is a financial technology company specializing in digital banking platforms. It is headquartered in Bahrain with business presence across the GCC.