How Artificial Intelligence Is Helping Banking and Financial Institutions?

Published on: 11 April 2019 Last Updated on: 30 June 2021

There is no other global industry that is experiencing the AI revolution as much as the banking and financial industry. These two sectors are projected to benefit the most out of Artificial Intelligence and machine learning algorithms, platforms, and software. The use of Artificial Intelligence in the banking and financial industry is a rising trend and it is creating a huge impact.

Also, this impact can be seen in the Artificial Intelligence job market. So, for grabbing the upcoming job opportunities you must enroll for an Artificial Intelligence Course, Online Training and Certification Course.

This technology has completely transformed the traditional methods of handling our money deposited in the bank. At the same time, artificial intelligence in the banking and financial sector has changed the way industries are solving traditional banking problems. The solutions are already widely deployed by several top banks and it has enhanced the banking experience by leaps and bounds.

The use of Artificial Intelligence in banking and related industries is more than chatbots. It is a fast-evolving technology that is becoming better and smarter day by day. Due to its numerous benefits, the banking sector remains one of the first adopters of technological innovation. Here is why and how artificial intelligence is contributing to the development of the two industries. But first, let’s understand what is Artificial Intelligence?

Artificial Intelligence – All You Need To Know

Artificial intelligence is one of the greatest technological innovations by mankind. It is a rapidly developing technology that has emerged as the trend to fulfill the needs and desires of humans to create machinery that could mimic human abilities and perform tasks to reduce human efforts. AI, also known as machine learning, is an offshoot of the field of computer science that uses several other branches of the scientific field to develop AI platforms. Some of the commonly used processes in the development of AI software are learning, reasoning and self-correction. And some of the commonly used applications are knowledge engineering, machine learning, natural language processing, machine vision, expert system, deep learning, robotics, automatic programming, virtual personal assistants, internet of things, translation, simulation modeling and more. The list is huge to list it out here.

So far, the technology has successfully able to demonstrate impressive human capabilities such as speech recognition, language recognition, decision making, problem-solving, Q&A, manipulation, and recording of data and objects, learning, planning, reasoning, and mathematical calculations. All of this and more helps in accomplishing redundant, complicated and repetitive human tasks without human intervention and a greater level of accuracy.

With the advent of AI in banking and finance, financial institutions are able to serve their customers at a reduced operational cost due to the automated processes. At the same time, the banking procedures that were once considered time-consuming and laborious have become far more convenient and efficient.

The automated processes have opened up new avenues that allow banking and financial leaders to explore new management styles. With the help of AI, industry experts are able to analyze a huge amount of data and gather insight that is imperative for the improvement of the business. Data-driven management decisions were once considered a tedious task has now become an effective tool for management-level problems.

Banks and financial institutions are most vulnerable to cybercrime and fraudulent behavior. With the adoption of AI, using a predictive approach, they provide a safe and secure environment to financial services and banking institutions. With a large amount of information and a detailed understanding of human psychology, such scenarios can be prevented. Also, AI in finance and banking ensures better and stricter compliance of regulatory policies and standards.

Meanwhile, technology ensures convenient banking methods for clients. It empowers customers to use voice assistants or chatbots to perform complex banking procedures efficiently. With the help of natural language processing, this technology can provide answers to the questions of the clients and help them make better decisions with customized solutions. Improved customer service is one of its many great benefits experienced by both employees and customers.

Application of Artificial Intelligence in Financial Services:

The application of artificial intelligence in financial services have benefited the industry massively. This has led to the rise of bionic advisory the latest trend that used machine calculations and human insight to provide much more efficient advice.

Risk assessment in financial sectors is another key segment of banking and financial services experiencing many benefits of the use of Artificial Intelligence in banking. Risk management is one of the most complex fields in financial services which is simplified by machine learning and its intelligence.

AI can combine knowledge of market trends, consumer patterns, and potential risks to develop an intelligent solution and perform a risk assessment of various financial services and products. The predictive and proactive analysis can help in the smooth processing of the entire procedure.

It is apart from the above-mentioned contributions of AI technology in the banking and financial sector, the technology largely contributed to the most recent revolution, the digitization of bank. With the help of Artificial Intelligence platforms and machine learning software, banks were able to move through the elaborate and complicated process quickly and easily. It allowed the massive shift without disrupting the existing structure and records.

Future of Artificial Intelligence in Banking and Finance:

Implementations ofAI in banking and finance have benefitted in many ways and it has brought a revolutionary change in the industry. All in all, it offers efficient and customized solutions to the problems related to individuals’ personal fortune. Technology is evolving every day. Scientists and experts have made some devoted efforts to explore the potential and learn and relearn the patterns of AI that can contribute to the banking and financial sector.

Due to which, AI has led to the massive development of these two sectors and made some valuable addition to the industries. There is a progressive evolution that is expected to take the experience of banking and financial services several notches higher. Studies suggest that AI can contribute nearly $1 trillion to the Indian economy by 2035. Therefore, many industries including banking and finance are investing in technology in a big way.

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What are the types of debt that can be discharged in bankruptcy?

When it comes to unmanageable debts, it is common to think for a bankruptcy to avoid further issues. The law gives us the opportunity to discharge our debts through bankruptcy in order to recover our financial status. In this article, we are going to talk about the types of debt that can be discharged in bankruptcy. Some of the debts cannot be discharged, but they can be restructured to allow you to pay them easily. Others can be completely eliminated, which will give you the opportunity to keep most of your belongings, rather than selling them to pay off. How does it work? There are two main types of bankruptcy that can be found in Chapter 7 and 13. “Chapter 7 allows you to clean a great variety of debts in a short period of time, while the later Chapter is used to keep your assets in touch.” says Bankruptcy Lawyer Boca Raton With some cases, you’ll have to sell some of your property to pay off creditors. However, if you don’t own much property, you might be qualified as a “no asset” case, which would save you a lot of headaches. Debts that can be forgiven by Chapter 7 include the following: Personal loans Medical Bills Credit card debt Utility bills Repossession deficiency balances Auto accident claims Lease debts Student loans Attorney fees Civil court judgments. With Chapter 13, you can reorganize and consolidate your payments to prevent having any penalties. This way, you can pay most of your debt in a period of three to five years. Upon completion of the repayment plan, you will be discharged by most of the debts that remain. This Chapter is suitable for individuals who wish to keep their assets and those whose income is too high to classify for Chapter 7. To apply for Chapter 13, you must have a solid source of income and enough money left to add them towards your new payment plan. Debts cleaned by Chapter 13: Unsecured Debts Medical Bills Personal Loans Credit card debt utility bills lawsuit judgments income tax obligations The chances are that you’re going to repay some of the amounts through the repayment plan, but the remaining will be discharged. 1. Secured Debts : This chapter allows you to remove debts such as a second mortgage through lien stripping. This way, it will be marked as a non-priority unsecured debt It is important to check all of your debts whether they can be split up. For example, you can split your car loan into two parts - secured & unsecured. Obviously, the secured portion must be paid, while the other one will disappear after the repayment plan is completed. Debts discharged ONLY by chapter 13 Debts accumulated through a property settlement agreement in a divorce Retirement account loans Fines & Penalties owed to the government Condominium Fees Debts from previous bankruptcy that were denied for discharge Debts from malicious damage to a property What Bankruptcy can’t discharge Of course, you can’t discharge all debts using these two Chapters. By using the first one, you will still have to repay the debts after discharge. While using the second, the debts will remain after the repayment plan is completed. Furthermore, if you’d like to keep your personal belongings such as a house or a car, you can’t omit payments Non-dischargeable debts: Debts accumulated due to a personal injury caused by driving under the influence. Student loans Fines and penalties for violating laws Child & Family support Income tax debts within the past three years. If your creditor is against your request to discharge the following debts, they might be classified as non-dischargeable. Debts from willingly causing an injury to a person or property Debts owed due to a divorce settlement Debts due to fraudulent activity Credit purchases for luxury goods within the last two months. Bankruptcy will surely not solve your financial problems, but it will ease your situation, allowing you to make timely payments and recover quickly. Read Also : Debunking 7 Notorious Bankruptcy Myths Major Financial Problems That Can Affect A New Business What Are The Benefits Associated With Crowdfunding For Businesses?

How to Select the Best Investment Plan for Your Child?

As parents, you want many things for your child - happiness, health, and a secure financial future. You also want that your child should excel in his/her career. Just imagine your kiddo becoming a star athlete or a budding biologist or a successful entrepreneur who appears in headlines from time to time. Your joy will know no bounds! However, when you want to provide the best of everything to your child, you will have to move beyond the basic parenting skills and contribute to his/her holistic growth. For that purpose, it is sensible to save money for your child’s future and keep him/her financially secure, even in your absence. A good way to start is to invest in an Online Savings Plan, popularly known as ‘Child Investment Plan’. An online savings plan serves the dual purpose of investment and insurance. Most importantly, it fulfils two major requirements: It secures your child’s future financially It provides financial aid at various stages of your child’s life such as higher education, starting a business, or getting married However, with several child investment plans available in the market today, it can become difficult to choose the plan that best meets your child’s needs. Following tips will help you make an informed decision: Determine the Monetary Value Attached to Your Child’s Dreams As a responsible parent, your first step should be identifying and prioritizing your child’s goals and the monetary value attached to them. The two main goals for which you would need significant financial funding is your child’s education and marriage. As far as education is considered, for the time being, decide your child’s goal on behalf him/her and know for sure when the cash is required. Reach a decision, for instance - "I am saving for my son’s engineering degree in 2025, and I may require 20 lakhs for the same". Along these lines, calculate the required funds while taking into consideration the year of the requirement for the respective milestones. Also, with respect to your child’s education, don’t just consider funds for primary and higher education, but also plan for extracurricular activities. In short, make estimates of the amount you intend to spend on your child’s education or marriage. Doing so will help you choose the premium amount and the policy term for the best child investment plan. Go for Equity-linked Online Saving Plans If you have a higher risk appetite for equities and a considerable investment time frame (more than 10 years), you can consider opting for an online savings plan. It is essentially a unit-linked child investment plan that offers you investment as well as insurance feature in a single product. Further, this plan provides multiple investment options like equity, debt and balanced funds. So, if you have a longer investment timeframe, you can go for equity funds as investing in equities for longer duration gives the best returns. On the other hand, if you have a lower appetite, you can go for an online savings plan that offers a balanced mix of growth and debt funds. Remember that just choosing to invest for your child is not enough. Selecting the right investment plan is most important! Therefore, while making your investment decision consider the amount you can spare for investment, your income, cost of higher education, time in hand, and the level of risk. Look for Premium Waiver Benefit Almost all insurers, including Max Life Insurance, offer child plans with premium waiver benefit as a key feature of the base plan. This benefit acts as the most vital feature in case of demise of the parent. In such a situation, the child plan pays a lump sum amount to the nominee. Further, the insurer waives off all future premium, and the plan continues to be active until the entire policy term. This ensures that the maturity benefit remains intact as planned. Check for Provision of Partial Withdrawals Online saving plans also allow partial withdrawals on fixed intervals. The idea behind such partial withdrawals is to allow parents to meet the financial needs of their kids at the key milestones in their life such as admissions for extracurricular activities, admissions in educational institutions, or marriage. This option is also helpful for meeting unplanned expenses in case of medical emergencies. Other Factors to Consider for Child Investment Planning Start investing early. It will help achieve your investment target easily. Also, ‘Power of Compounding’ will play an important role when it comes to investing for your child’s future Know the different premium payment modes. You can opt to pay premiums on monthly, quarterly, half-yearly or annual basis Invest in a plan that offers a well-balanced mix of equity and debt funds Track your investment at regular intervals and make appropriate changes if required Select a tax-efficient investment option Concluding Today many insurers have come up with attractive child investment plans. However, you need to be judicious about what plan you want to opt for. Also, while making your decision don’t forget to consider criteria like time horizon and age of your child. We hope that this guide will help you choose the right plan for your child and make his or her dreams a reality! Read Also: Investing And Trading 101: Investment Ideas For Newbies How Digital Advisors Have Transformed The Investment Sector Pros And Cons Of Oil And Gas Investment

How to Buy Bitcoin From Norway?

Need to buy bitcoin (BTC) however, don't have the foggiest idea how? In case you're new to the universe of digital currency, seeing precisely how bitcoin works and how and where you can buy bitcoin in Norway is an entirely huge test. To enable you to comprehend the language and securely get your hands on a portion of the world's most outstanding computerized money, we've assembled this present novice's manual for purchasing bitcoin in Norway. A bit by bit manual for purchasing bitcoin You can buy bitcoin in Norway in three basic advances: Pick a bitcoin wallet Before you can buy any bitcoin, you'll have to set up an advanced wallet where you can securely store your coins. Bitcoin wallets don't really hold any coins, however, rather, store the private keys you have to get to your open bitcoin address and sign exchanges. There are many alternatives to browse, including the accompanying: Equipment wallets, for example, the Ledger Nano S and TREZOR, give disconnected stockpiling to your private keys. Work area wallets, for example, Electrum and Exodus, can be downloaded to your PC and used to store private keys on your hard drive. Portable wallets, for example, Jaxx and Coinomi, enable you to deal with your BTC from your Android or iOS gadget. Web wallets, for example, Blockchain Wallet and GreenAddress, offer helpful online access to your bitcoin. Paper wallets enable you to print out your bitcoin open and private keys and utilize this bit of paper as your wallet. Pick a cryptographic money trade The subsequent stage is to choose how and where you will buy bitcoin. There are several stages to look over, and they can be isolated into three principal classes: Bitcoin intermediaries Intermediaries offer the speediest and most effortless approach to buy bitcoin, enabling you to pay for your computerized coins utilizing fiat cash (like NOK or EUR). Specialists offer easy to understand stages and enable you to buy bitcoin utilizing natural installment strategies like a charge card or a bank move. Their primary drawback is that they regularly charge higher expenses than different choices. Cryptographic money exchanging stages These steps, for example, enable you to buy bitcoin utilizing different digital forms of money. They will, in general, offer lower expenses than agents and give access to an increasingly assorted scope of coins. Notwithstanding, you'll, for the most part, need to effectively possess another cryptographic money so as to utilize this kind of trade, so they're not fit to amateurs. Distributed (P2P) bitcoin trades Distributed trades cut out the go-between and enable clients to exchange straightforwardly with each other. The vender has the opportunity to indicate the cost they need and their acknowledged installment techniques, and this strategy enables you to exchange with expanded protection. Be that as it may, you may need to make do with a value higher than the market swapping scale. Instances of distributed trades incorporate LocalBitcoins and Paxful. Buy bitcoin The last advance is to present a request through your picked stage. For most amateurs, the least demanding and most advantageous alternative is to utilize a bitcoin intermediary. Regardless of which kind of trade you pick, you'll ordinarily need to pursue a record first. Contingent upon the trade you use and the administrative necessities it is dependent upon, you might have the option to join essentially by giving your email address or you may need to give your complete name, contact data and confirmation of ID before being permitted to exchange. When your record has been confirmed, you'll have to enter the measure of BTC you need to buy, pick your installment strategy, survey the expenses and the all-out expense of the exchange and after that settle your buy. The precise advances you'll have to pursue fluctuate contingent upon the installment strategy and sort of stage you pick, so continue perusing for more subtleties on the various ways you can buy bitcoin. Read Also: How To Make Money From Bitcoins In 2019? Millennial Investors Will Drive Bitcoin Price Growth In 2019 Bitcoin Profit Review 2019

How Artificial Intelligence Is Helping Banking and Financial Institutions?

Artificial Intelligence – All You Need To Know

Application of Artificial Intelligence in Financial Services:

Future of Artificial Intelligence in Banking and Finance:

Using Short-Term Loans to Help Rebuild Your Credit Score

DiversyFund 5 Steps to Protect Your Portfolio in a Difficult Environment

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

What are the types of debt that can be discharged in bankruptcy?

How to Select the Best Investment Plan for Your Child?

How to Buy Bitcoin From Norway?

How Artificial Intelligence Is Helping Banking and Financial Institutions?

Artificial Intelligence – All You Need To Know

Application of Artificial Intelligence in Financial Services:

Future of Artificial Intelligence in Banking and Finance:

Share this Article

Using Short-Term Loans to Help Rebuild Your Credit Score

DiversyFund 5 Steps to Protect Your Portfolio in a Difficult Environment

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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