AI Use Cases in
Banking & Financial Service
App Development
Imagine a world where banks and financial institutions can optimise the way they interact with the target audience by integrating AI into mobile banking applications. Then, how can the Banking & Financial Service businesses adopt an “AI-first” strategy successfully?
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About the AI Use cases Whitepaper
AI is extensively incorporated within the Banking and Financial Services sector, regardless of an organization's maturity level or familiarity with AI adoption. To become an “AI-first” financial institute, incumbent banks need to have the capacity to deploy AI on a significant scale. This article will examine practical instances of AI implementation in banking, providing a comprehensive perspective on areas where AI can intervene and enhance operational efficiency for business.
Key Applications of AI in Banking and Financial Services
GenAI with Large Language Models
Recently, Intuit - the global financial technology platform - announced that it is expanding its platform architecture to include a proprietary Generative AI operating system (GenOS) with custom-trained financial large language models (LLMs) that specialise in solving tax, accounting, marketing, cash flow, and personal finance challenges.
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Advanced Data Collection and Analysis
SouthState Bank and Eglin Federal Credit Union are among those harnessing AI to dissect data in ways that have a significant impact on their marketing efforts. Rather than solely targeting basic demographics such as age or gender, they combine internal data with information available beyond their own databases to deliver more personalised campaigns.
Cybersecurity and Fraud Detection
At the Commonwealth Bank of Australia, AI holds a significant role in promptly identifying potential fraud instances and ensuring real-time customer safety.
The bank has recently announced two scam detection initiatives underpinned by AI: NameCheck, which indicates whether users are transferring money to the intended recipient, and CallerCheck, a feature in the CommBank app that validates the authenticity of bank staff contacting customers via phone.
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And More...
Download the whitepaper now to discover 7+ more use cases of AI in banking app development.
Discover all key implementations of AI in the banking and finance sector and look at how this technology is redefining customer experience with its exceptional benefits.
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About KMS Solutions
As a premier technology consulting and solutions provider, KMS Solutions empowers companies in the financial services industry to improve operations, foster innovation, and elevate product and service offerings. KMS Solutions operates globally as part of KMS Technology across the United States, Mexico, Australia, India, and Vietnam with its strength of 1,600 professionals.
KMS Solutions delivers exceptional value to its clients through software engineering expertise, domain specialization, and its time-tested delivery excellence. KMS Solutions plays an active and collaborative role in partnering with its clients over the long term, building up its contextual knowledge, investing in innovation, and driving purpose-led growth together.