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#11 — Use Cases of Generative AI in the Banking: Reshaping the Industry
Introduction:
As we see the proliferation of Generative AI in various industries, the Banking industry is not new to this change, we are already starting to see a major shift with the implementation of AI mainly in Banking Operations to significantly drive efficiency, enhance security, and improve customer experiences. Here are a few use cases of Generative AI in Banking.
Fraud Detection and Prevention:
When it comes to fraud, Generative AI takes a pivotal role in helping circumvent and alert on early fraud detection and preventative measures required. Banks have started to implement AI algorithms to scrutinize transaction patterns, leading to a significant reduction in fraud cases. This proactive approach is expected to drive further financial security in the Banking Industry.
Personalized Financial Advice:
Providing personalized financial advice is not new, but leveraging this using AI is surely a change. Several banks have started to implement this by analyzing customer data, to provide tailored recommendations enhancing customer satisfaction and engagement.
Risk Assessment for Loans:
AI’s ability to predict loan defaults can be transformative in nature; corporate…
