The artificial intelligence is already a fundamental tool for the financial industry in Mexicobecause it has an impact in several areas such as improving the Customer experiencemake operations efficient and even combat fraud.
He Global Cloud Report – Financial Servicesmade by Capgemini Research Institutefound that 91% of banks and insurance companies in the world of began its path to the cloud during 2023which represented a significant increase against 37% registered in 2020.
That transition also means the adoption of new technologiesproof of this is that almost two out of every three financial services companies started using artificial intelligence last year and plan to use it throughout their value chain in the next two years.
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The latter because both traditional banking and fintech and the rest of the financial services are competing for clients, who increasingly focus their decisions on the attention they receive, as well as the security and privacy of your information.
The above is a challenge if one considers that, according to Capgemini figuresbanks’ internal systems force their employees to spend up to 55% of their work hours reviewing documentation, leaving them with only between nine and 13% of their time to serve customers.
Hence one of the main uses of artificial intelligence in the financial sector be it automating several of your operations, either to offer better products to customers or to avoid fraud.
LIMITING THE RISKS
“Artificial intelligence has proven its worth by classifying and predicting financial behaviors, reducing risks and strengthening defense and prevention against criminal activities,” said Red Hat business development manager for the South and Central America region, Victoria Martínez.
In a blog, he explained that this is possible because large data sets allow financial institutions Creating accurate models to predict and mitigate financial risks by identifying trends, monitoring assets, and accelerating diagnoses and resolutions.
An example is Citibanamex because, according to Rosario Valdiviawho is its technology director, the bank has different technologies based on some type of artificial intelligence that has helped them significantly reduce the impact of fraud.
“We are talking about at least a 70% decrease in fraud losses from what we had (compared to) a few years ago,” he said.
All this becomes key in a country like Mexico where, according to data from the Executive Secretariat of the National Public Security SystemIn the first half of last year alone there were 45,308 cases of financial fraud.
THE NEW OPTIONS
Currently the banking institutions are analyzing the impact and how they can effectively use the generative type artificial intelligence.
He Visa Innovation Study 2023developed by Payments and Commerce Market Intelligencefound that 86% of companies surveyed in the Latin American issuance, retail, acceptance and lending segments are already testing or using a generative artificial intelligence tool.
In particular for services such as chatbot automation for customer servicewrite code and generate new marketing content.
While others are still exploring how to fully integrate it into their operations because they must balance cost, other operational needs and new challenges that this technology opens up, especially in terms of information privacy, the normative compliancethe Staff training and the cybersecurity.
AI, A TOOL
Some uses of artificial intelligence in financial services include:
- Analysis of data
- Performance measurement
- Predictions and forecasts
- Real-time calculations
- Customer Service
- Smart data recovery
- Risk management and fraud detection
- Process automation
- Personalized financial advice
- Portfolio optimization and algorithmic trading
- Mobile banking applications
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2024-04-17 10:01:50