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Machine Learning in Retail Banking
The retail banking industry is going through a transformational journey with machine learning’s comprehensive usage in the day-by-day business of banking. Overall, artificial intelligence and machine learning have been the hottest topic in retail banking in the past few years. Let’s see how it can transform the retail banking industry more effectively.
Why is Machine Learning transforming retail banking?
Business has been changing all the time, but advances in the present technologies have enhanced the pace of change. Machine learning is analyzing historical data of consumers and behavior to predict patterns and help in a more effective decision-making process.
Machine Learning has been proved to be highly successful in retail, particularly due to its powerful ability to tailor services and products to customers. Similarly, Machine learning and retail banking is another successful combination. It is because Machine learning has made it easier to manage functions such as Fraud detection, Credit scoring, Process Automation, and many more. Machine learning is also helping retail banks to offer consumers a more personalized experience through predictive analysis.
Besides this, process control and optimization are also some of the most commonly applied approaches in the field of fintech. These are certainly going to give companies a competitive advantage in the present and future as well. It helps companies become more productive by decreasing or even dispensing manual work in the best possible way.
Overall, the convergence of a fantastic variety of technologies such as Machine learning leads to the digital transformation of retail banking by opening up numerous new opportunities.
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Examples of Machine learning in retail banking.
Here are some of the most important Machine learning use cases that can take place in the retail banking sector:
– Fraud detection for retail banking
– Credit scoring service with predictive analysis
– Chatbots in multiple languages for improved customer services
– Marketing automation
Companies that are using Machine learning in retail banking
There are various companies in the retail banking industry that prefer to use machine learning technology to improve their functionality, efficiency, and productivity in the best possible way. Overall, there are various ways companies can adapt to leverage Machine learning. However, here we have mentioned some organisations that are putting up some necessary infrastructure in this regard.
Canada’s national bank has started putting out the necessary infrastructure to get help from their retail data. They believe that retail is where they can create a huge impact with ease.
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The Bank of America, is another organisation striving to join the AI revolution. The bank piloted its popular chatbot, which can:
– Alert customers for their spending habits
– Offer a reminder of their recurring payments.
– Flag recurring payments
– Unlock or lock the debit card of the customer on request.
Besides this, there are various companies that are reaping the benefits of Machine Learning in the retail banking industry.
Final Words
Continuously changing infrastructure is now putting pressure on retail banking and the adoption of machine learning technology. It is the major reason why more and more retail banking companies prefer to adopt machine learning to survive in this increasingly fast-paced world in a more effective way.
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The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.
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