How AI is changing business banking forever
Introduction

Photo by Tara Winstead
The banking industry is quickly evolving, as more and more industries are using AI-driven technologies, where does this leave banking? Surely industries so critical and financially responsible can only be ran on human steam! Well think again, because banks are increasingly turning to AI for improving all aspects of the game. With particular focus on improving customer experiences like never before.
Why is this of concern? Well, as a business it’s obviously important that finances are kept safe but if you want to know a staggering statistic – In 2019 it was reported that the market share for artificial intelligence in banking was 8.30 Billion USD… expected to reach 130 Billion by 2027. That’s why in this article we will explore how banks can benefit from artificial intelligence and why it’s so important for them to adopt it now.
More focus on the customer
The client is at the heart of everything a bank does. Whilst they are financial giants in their own right, this is only possible due to the number of investing and trusting clients. This means that banks have to be especially careful when it comes to how they interact with their customers, and AI can help them do this.
Have you noticed that traditional banks have started to fall behind with this? Long phone queues, relying on annoying opening hours, all of these factors drive clients toward newer and more efficient banking providers. This perfectly explains how so many neobanks are popping up and doing well. By filling in these gaps in the market, these digital banking providers are solving clients problems.
Quite simply, banking clients expect more for their money now because information is so much more lateral and readily available. If your bank’s service isn’t up to scratch you’ll know about it.
A common use case of AI technology that is in practice already is the use of chatbots, these allow users to communicate with the bank using natural language rather than typing keywords or phrases into search bars. This is only set to get even more thorough and accurate. Banks that do not innovate will be left behind.
Advanced bespoke banking capabilities
Tailored banking solutions are much more efficient for a business compared to general packages, both in terms of time and in costs. Most businesses don’t require all of the services available that come with their banking membership, so it’s essentially just burning money because the bank hasn’t taken the time to be more accurate.
Bespoke banking packages have historically only been offered to the extremely elite businesses and VIP clients, but that’s all in the past. AI enables banks to provide customised services to all levels of clients, no matter what size the business is.
A highly personalised digital banking experience means that your financial institution will be able to provide tailored services based on your businesses specific needs. This can only mean better deals for businesses seeking loans or other types of capital.
For example, contemporary banking providers like Monneo are already offering specialised accounts. Such as, a business bank account that is specifically made for “high-risk” transactions or if your business needs to accept multiple types of currencies. The popularity of these types of services just shows how innovation and AI is already changing the way these banks are answering long standing issues that dated banks just can’t keep up with.
Extremely secure banking technology
As AI becomes more sophisticated, it can be used to detect fraud even more accurately than humans can on their own. The technology is also able to analyse many different factors at once in order to find patterns that are invisible to the naked eye or human intuition alone. This makes it much more difficult for hackers and cybercriminals who may try their luck with your business accounts by attempting an attack.
There are some banks who are already using machine learning algorithms that have been trained on hundreds of thousands of fake transactions in order to learn what is normal behavior versus strange transactions. This creates an incredibly powerful barrier against cybercrime attempts. With AI, the business bank accounts are protected 24/7 by intelligent systems.
Conclusion
Banking is already changing and it’s doing so fast. Who knows where we will be in several years time. This article outlined some major points for the future financial sector. It’s no surprise that banks are already adopting AI technology to offer customers a better experience, make them feel more secure and keep them coming back for more.
In short, as a business it makes sense to reach out to the new digital banks because they are faster evolving. If you want your company to be on the cutting edge of your industry, your financial solutions will need to be right there with you.