If you are looking for GOD on earth, artificial intelligence should be the first thing to appear. It has bestowed the humans with promising inventions and changes in day-to-day life. Now we have something that can read our minds, eyes and can fulfill our daily tasks.
Artificial intelligence plays a laudable role in the field of finance in many ways. Especially during the current time of COVID-19, the role of AI has become even more significant. It has improved customer experience in every possible way, and the best thing is that new inventions are always in streamline to enhance the finance field.
Look at how the most advanced version of the technology, i.e. artificial intelligence, is making a difference in the current scenario.
Fraud detection is easier now
One thing that stops people from embracing technology in financial management is the threat of fraud. They prefer to stay traditional in their approach. However, with time we all have to rely on things like online purchase, credit card transactions, buy now pay later things etc. but fraud stress is always there.
Customers want to ensure that whatever financial action they take, should be backed-up with a security measure. Artificial intelligence solves this purpose quite efficiently and quickly. Its algorithm tracks the system i.d. in a few seconds. It also blocks the credit cards and bank accounts on the information of any unauthorized entry.
Facilitates self-service
Self-reliance is a significant benefit that AI facilitates. Nowadays, customers can do many things without any help or making any physical visit to the banks etc.
a). Attain quick funds online through a few necessary formalities.
b). Virtual assistants and chatbots ensure easy and real-time access to information and complete tasks in a short time
c). Calculators help the customers know their repayment capacity that has made the financial decisions easier
d). Budget planner frames the total picture of expenses in comparison to income.
e). Banking apps are the accumulation of all the necessary functions for which we used to go to the banks. Now from making transactions to applying for a credit card, we can do everything.
In short, the customers do not need to depend on several people to get things done. They are self-sufficient in everything they do.
Available day and night
Due to corona, people may need money anytime. Forget about the limited timings to get financial services. Now things are much more comfortable with 24 x 7 availability of every facility. Artificial intelligence does not let you wait for hours to get the answer to a fundamental question. It does not give you make you compromise in something due to delay in any service because things are available quickly.
Information and action, both are possible now round-the-clock without any flaw. You can ask your latest balance in the account while driving on the highway at midnight. Nothing is impossible with ‘always’ present facility of the financial services.
Multipurpose
When the world is at home, something should be there to fulfill the varied purposes. Oh, yes. If you are stuck in the middle of something and have no balance in your mobile, you can recharge it immediately from the bank account. From dish TV recharge to electricity bill payments, credit card installments, money transfer, everything is possible with the help of artificial intelligence. That is why it is intelligent as it can do many things in one go.
You can never imagine a world now without online financial activities because AI has made us like that. We cannot even imagine surviving without this smart thing that is always there for us irrespective of the restricting of purpose.
Helps in big financial decisions
Artificial intelligence is climbing news heights everyday make itself multi-tasking. A few years back, it wasn’t easy to imagine that you can apply for a big loan like mortgage through online forms in a few minutes. But look around you, the lending industry has changed so much.
From leaving a query to some mortgage broker to searching for the mortgage for bad credit from broker or best deals of remortgage, everything is conveniently possible. The coordination between the lenders, brokers, and borrowers is far better. Nowadays, the virtual property viewing and timely notifications of listed properties are providing significant support in property buying decisions. The current corona pandemic time describes well the importance of AI.
Also Read: Keep these 06 factors in mind while availing loans against property?
Conclusion
You will keep counting, but the list is long and cannot be encapsulated in a blog or article. After all, artificial intelligence is like a child that is growing fast and in the most promising manner. It gives a hint of progress, and nothing can stop it now. You can get deep more deep to find only the most exceptional reasons to love AI.
Author’s note – Stacey Walsh is an established financial consultant and knows the nook and cranny of it. Here She talks about the role of AI in customer service. Read the effect of Artificial Intelligence on customer experience in finance.
