How AI makes financial services secure, reliable

With the COVID-19 moving businesses online, the financial services industry is banking on artificial intelligence (AI) to make transactions secure.
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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) isbuilt 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.

Reduced workload

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.

From the consumer's end, they are relatively free to make smart judgements and decisions on how to economise and optimise their payment schemes and how to make their transaction systems better.

Fraud prevention

With advanced technology and efficient ways of monitoring financial transactions with ease and guarantee, the fear of fraud and duplicity is reduced. Previously, manual methods were often riddled with dishonest practices. Consequently, anxiety in processes to deliver smooth operations are now completely alleviated due to effective technology advancements.

AI-Driven risk management

Risks are now minimised with the advancing use of AI technology. The transition has in the process acquired more secure and protected technology available online. This new wave is not only easy, customer-friendly, time saving but also guaranteed, secured and safe from risk, both internal and external.

Financial services can adopt and infuse AI responsibly to build on trusted governance and transparency with well-defined guidance that brings together privacy and security.

These processes are becoming richer, cheaper, and increasingly open in the post-pandemic world of broad digitalisation.

For financial service organisations, this windfall is opening pathways to improve business performance with end-to-end intelligent automation and hyper-personalised services to satisfy customers expectations.

Edited by Affirunisa Kankudti