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Vol. 4 No. 2 (2024)
Internet of Things and Edge Computing Journal

Articles

Leveraging AI for Enhanced Customer Insights in Banking

Published 01-11-2024

  • Dr. Ibrahim Traboulsi

Dr. Ibrahim Traboulsi
Professor of Computer Science, American University of Sharjah, United Arab Emirates

Cover

Abstract

Artificial intelligence (AI) is penetrating its way into the financial landscape, changing how banks operate, manage, and provide customer service. The purpose of AI in banking is to transform a vastly data-rich and laborious industry into a customer-centered, insights-focused field ripe for innovation. More than 92% of large banks in South Africa are banking on AI to scale their business viability and growth. A key application of AI is the ability to make intelligent predictions. While high-end analytics has been a reality in the industry, AI technologies, which include popular sub-branches such as machine learning, NLP, and so much more, are now being used to analyze patterns and develop trends more readily.

Banks have a number of AI nodes at their disposal. Among them, these five are popularly used: Natural Language Processing (NLP), Machine Learning (ML), Deep Learning, Supervised Learning, and Unsupervised Learning. Banks are becoming cognizant of AI's proficiency in customer support and interaction to the point where, within the next three years, almost 86% will be executing more marketing and sales efforts with AI. The succinct reasoning is that the quicker and more effectively banks can canvass information through vast databases for insightful, meaningful, and actionable experiences, the better they will churn out high-margin products and meet customer needs. Let's face it: taking into account the competition across operations and customer services, banks are becoming more dependent than ever on trending towards broad-spectrum AI as a key asset to bolster their capabilities and maintain the lead on business insights and decision-making. In fact, more than 90% of successful adopters of AI in their operations will integrate microservices and AI applications by 2025 in larger scale systems designed to leverage data for high-value outcomes. Investing in newer technology is what sets the ball in motion for progress and improved productivity. Are you ready to design an infrastructure for the future today? As a trustworthy banking partner with refined experience in AI-led delivery capabilities, we want you to be.

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