Albany, NY -- (SBWIRE) -- 10/04/2017 -- Artificial intelligence (AI) is a technology that allows machines to take decisions based on data collected by them and pre-programmed tasks assigned to them. This technology is expected to transform all sectors of the industry as it reduces laborious work of employees and eliminates human errors. Applications of AI in banking is expected to facilitate various processes of organizations, which will result into enhanced user satisfaction. MarketResearchReports.biz has added a report "The Future of Artificial Intelligence in Banking," which gives an in-depth analysis about this trend and effects of AI in banking in the future. This study is presented by highly qualified market research professional to provide reliable and authentic projections of the market. Data from both primary and secondary sources have been considered for formulation of this research report. Several aspects of the trend are included to offer 360 degree assessment of effects of this technology on banking sector. Numerous figures are added in the report to allow market players understand various applications of AI in banking.

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As understanding the effects of artificial intelligence on retail and banking sector will require comprehension of the AI technology, definition of AI has been elaborated. This detailed explanation will allow readers to perceive various ways by which AI can affect a business model. In addition, numerous applications of artificial intelligence have been included. These applications will allow report buyers to conceive various possibilities by which artificial intelligence can transform any industry. The applications relevant for banking industry and the impact of AI on banks is are included. Furthermore, various technologies that assist AI for better functioning such as advanced data analytics, image analytics, machine learning, and deep learning have been comprehensively explained. These additions are expected to give market investors details about distinct strands of AI.

AI encompasses a wide range of technologies, including image analytics, advanced data analytics, natural language processing, and robotic process automation. Applications of these technologies are expected to help banks improve both back-office and front-office processes. In back-office AI implementations include algorithms to identify and block cases of money laundering and fraud, and analyzes non-traditional data to assess the creditworthiness of users who lack standard credit records. Customer-facing employs AI chatbots to improve communication between customers and banks. Furthermore, advanced analytics can offer proactive consulting to consumers and make simple financial decisions on their behalf. The facial recognition enhances onboarding and makes it facilitated for consumers to log into their existing accounts.

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Numerous players in the market are constantly focusing on product innovations and exploring new applications of artificial intelligence. Many AI enablers are acquiring innovative startups to provide enhanced solutions. The application of artificial intelligence in the banking sector has already begun. For instance, PayPal, a leading online payments solution provider plans to implement artificial intelligence to provide their payment solutions on the Facebook Messenger platform. Capital One customers able to pay their bills with voice commands. Furthermore, an advanced AI Bot named as Erica is about to be launched by Bank of America which is expected to learn customers' personal spending habits by using artificial intelligence. It is most likely to notify the users when they spend more than usual than their habits. This smartphone app will be launched with the motive to help customers save more money. This report is most likely to help readers understand which loopholes they must fix in order to profitably launch AI-based services, provide them with the data about how competitors are utilizing AI to improve customer outcomes and profitability, and allows readers to discover where AI will impact most in the banking services.

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