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3 AI Applications Transforming Banking

4 months ago by Luigi Muscat Filletti
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Technologies in Artificial Intelligence continue to make waves across industries around the world, with financial services industries seeing a particularly significant growth in the adoption of such evolving technologies. Banks and financial institutions in Malta are continuing to make the most out of the new and advanced tools being offered in the digital age, creating further jobs in finance in Malta.  This progress in AI adoption means more career opportunities for professionals in both banking and finance as well as technology - with the merging of the sectors of tech and finance set to rapidly progress in the years to come. 

Big Data and BI technologies will continue to progress, resulting in a predicted increase in jobs for tech professionals with skills in these areas. Finance professionals are also being encouraged to keep updated with trends in relation to the development of technology in their field. The implementation of technology in banks and financial institutions is transforming how banks operate internally and externally, enhancing company culture, diversity and company services. Jobs in banking in Malta are sure to gain more prominence through the influences of the digital age in the coming years, with expertise and experience in different areas of financial procedures needed in order to fully embrace the challenges of digital innovation. 

Below, we look at three areas that AI is transforming within the banking sectors. 

 

 

Predictive Analytics

The power of AI is allowing businesses to access technology which enables them to forecast upcoming trends and events through machine learning systems and pattern recognition. Professionals in tech with skills in data mining are required in the setting up of such tech infrastructures which analyse past and current data in order to form a proactive approach for future situations - from market behaviour to customer relations and cybersecurity, such technology provides companies with scalable technology for their digital growth. Jobs in AI in the banking and finance sectors are expected to grow in terms of opportunity through the addition of Within the sphere of banking, predictive analytics allows customers to manage their accounts more effectively and efficiently. Such processes allow banks to minimise their costs and record a more transparent transaction history. 

Fraud Detection and Prevention Analytics

Banks and financial institutions are witnessing a progressive growth in their security efforts - such technology also assists banks in determining a customer’s creditworthiness by making use of statistics based on customer profile, behaviour and history. Latest technologies can also allow companies to gauge their customer’s spending habits and analyse situations of savings and overspending to enhance user and customer experience, all in real time. Banks and financial institutions can also mitigate a handful of risks by integrating the right AI technologies - strong algorithms can analyse large quantities of data in very quick time, detecting any irregularities in the system or in user activity.

Recommendation Engines

AI is playing a significant role in the way that banks are making recommendations to their customers. As technology learns from customer behaviour based on previous actions, intelligent advice can be made on various areas such as on credit card plans and investment strategies. By understanding customer behaviours through pattern recognition, customers can be safeguarded and also advised to make better financial decisions based on their status and priorities. Moreover, such technology can also assist banking and finance professionals in their decisions when approaching customers, hence the influence that this technology is creating on jobs in finance, demanding finance professionals to be more knowledgable in the latest tech tools in their industry and how they can make the most out of them. Big Data technology is allowing such systems to take place, thus the expected importance of professionals in tech with expertise in such technologies for jobs in the banking and finance sectors. These AI technologies also aid those working in roles of technical support - as the inclusion of chatbots in the area of customer service continues to grow, technology will serve as a powerful tool to provide valuable insight to individuals in such roles, helping them in shaping more informed decisions when assisting customers

The inclusion of AI in banking will continue to generate more interesting job opportunities with great career progression in this sector - more recruitment opportunities are set to become available down the line, with finance and banking professionals continuously encouraged to keep up to date with the digital innovation impacting their industry.