Banks often become active users of AI. This area is most actively involved in digitalization. Because the financial sector does not tolerate slowness and lagging behind trends.
Financial markets have been hit hard by the spread of COVID-19, which has created an urgent need for the whole world to rethink the banking system and introduce new tools. Much attention is paid to the rapidly developing artificial intelligence, in the development of which, along with other leading companies, Sypwai takes part.
Digitalization of the banking system and artificial intelligence
A new reality has emerged in the world, which encourages banks to pursue a digital transformation policy. The state also provides support for digitalization. There are national programs for the development of the digital economy, the purpose of which is to make Internet financing available to all citizens, cover the largest cities with 5G communications, train personnel to work in the digital environment, and increase the share of costs for information and technical assistance to financial institutions. First of all, this concerns the interaction of digitalization processes with AI.
The use of digital technologies leads us to global changes in the principles of providing financial services and the interaction of companies with clients, as well as an increase in the volume and speed of transactions.
Thanks to the active development and use of platform solutions, consumer habits in the financial market are also changing. With the spread of the Internet, financial services have become more accessible. But digitalization inevitably leads to competition and struggle for the client. And even those organizations that previously provided only financial services are reaching a new level, expanding their capabilities using artificial intelligence. With its help, the client is provided with a wide range of services, both financial and non-financial. In this way, you can reach a large audience, as well as challenge market participants with traditional business models.
Banks often expand their range of services, which includes delivery, pharmacies, mobile communications, multimedia services, taxis, e-wallet services, etc.
Such a complex system requires the modernization of most processes, and here artificial intelligence comes to the rescue. Now he is able not only to replace the work of an entire call center, but also to issue loans automatically, analyzing the client’s credit history.
Digital money is already a reality. Payments using plastic cards, phones, watches are a common thing. And we hear about bitcoin every day. By the way, bitcoin is not the only one of its kind. In recent years, about three thousand private cryptocurrencies have been issued.
The emergence of cards and online payments has led society to change the very approach to finance, attitudes towards them, the structure of financial systems and even the nature of money – cash is becoming a thing of the past.
Everything now points to a correlation between artificial intelligence and the potential for further growth in digital financial services. 56% of financial institutions in the world have already included the digital transformation of finance at the heart of their business strategy.
The prerequisites for the development of digitalization of the financial sector with the help of AI can be considered:
- low margins of banking services;
- the desire of banks to partner with start-ups and technology companies;
- banks losing their monopoly on the provision of traditional services.
Thanks to AI, banks manage to achieve good results and strengthen their positions in the market. It is already known that the digitalization of banking processes with the help of AI has reduced the costs of banks by 10-15%. Automation allows you to serve customers remotely, which means reaching a large audience. Now you can automate almost any routine process: from the execution of a transaction to the preparation and sorting of documents.
For example, AI helps a bank speed up the preparation of mortgages, as well as complex documents with many conditions and links, such as a loan agreement and a master agreement on the procedure for issuing bank guarantees, and eliminate errors in the preparation of these documents. The result is that the work on preparing documents is accelerated by 75%, the possibilities of the back office in terms of the number of transactions increase by 4 times without increasing the staff, and errors in documents are eliminated.
AI-powered digital transformation helps save employee time. As a result, the bank earns more because:
- employees do not waste time shifting papers and correcting mistakes;
- documents are not lost;
- preparation of documents in electronic form is faster by 30-50%;
- searching for the desired document does not take much time;
- it is easy to maintain a uniform style of documents;
- employees can work on different documents at the same time;
- documents are always in the public domain for the head.
Times and habits of people change. Not so long ago, it was hard to imagine that a bank transaction could be done right from home. Today it is already a variant of the norm and a reality. Banks that keep up with the times are crowding out competitors. And the task of any financial organization is to implement AI technologies in order to remain competitive.
AI training in banking
Experts believe that, despite the advances in AI, many banks that adhere to the modern model of work still find themselves unable to respond to modern market challenges, as their operating model is not flexible, scalable and cost effective. The only way to stay afloat is to constantly improve the AI.
Document automation is an opportunity to stay competitive and earn more. And for this purpose it is necessary to train artificial intelligence. For training, it is necessary to ask the AI simple logical tasks. With this, the average user of a personal computer can handle it. By cooperating with Sypwai, you can earn money on this.
How to register on Sypwai
To register a user on the Sypwai platform, you have to:
- go to the official website of the company;
- enter your username and password;
- enter your phone number and email address.
Dual authentication on the Sypwai website is necessary to protect the user’s personal data.