How banks can better serve their customers through artificial techniques

Abstract

Thanks to the big data revolution and advanced computational capabilities, companies have never had such a deep access to customer data. This is allowing organizations to interpret, understand, and forecast customer behaviors as never before. Artificial Intelligence (AI) algorithms will play a pivotal role in transforming business intelligence into a fully predictive probabilistic framework. AI will be able to radically transform or automate numerous functions within companies, from pricing, budget allocation, fraud detection and security. This chapter will present some approaches on advanced analytics and provide some examples from the financial sector on how AI is helping institutions refine small business credit scoring, understand online behavior and improve customer service. Further, we will also explore how integration with traditional business processes can work and how organizations can then take advantage of the data driven approach.