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#1 30-06-2019 00:26:11

Science_online
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Artificial intelligence in Banking advantages, disadvantages

Artificial intelligence has many benefits in the banking sector, it enhances banking services, Banks get the idea of the prospect’s behavior with AI-based risk assessment process, Artificial intelligence can minimize the probability of error in identifying the slightest probability of fraud, The predictive analytics can manage the entire process smoothly.

AI in Banking advantages


AI can bring revolutionary changes in the banking industry, Hedge funds prefer AI-based models, AI models can analyze the mood or sentiments of different financial markets, so, AI models can assist the users to take decisions quickly, These solutions help the banks to mitigate the risks associated with overexposure and user intervention in the market.

A mobile app development company can integrate the necessary technological advancements of AI, Be it an Android app development or iOS app development, Artificial intelligence allows the industry to move from merely descriptive to predictive, near real-time analysis, Based on advanced data crunching, AI has proven extremely applicable to security and fraud detection use cases.

AI in Banking disadvantages


One of the obstacles facing smaller companies in adopting AI is the shortage of talent, Bigger companies that have better reputations for innovation and higher profit-per-employee ratios are more likely to recruit top talent due to attractive paychecks for AI and machine learning experts, however, we are seeing AI startups that believe in equal access to AI technologies investing in educating and training more AI engineers with a goal of helping smaller and medium players, Artificial intelligence causes Unemployment, It is a socially undesirable issue.

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