All is well with AI in finance
Today, Artificial Intelligence (AI) is in the news for a lot of wrong reasons. However, this technology has paved the way for making banking and finance easier for organizations as well as for the customers.
One of the most useful ways that AI is used and its use will be sharpened is for onboarding new customers. Banks and financial institutions can use AI for onboarding in ways such as:
- Identity Verification: AI-powered identity verification tools help banks and financial institutions verify the identity of customers quickly and accurately. These tools can use facial recognition technology, document scanning, and biometric data to authenticate the identity of customers.
- Risk Assessment: AI algorithms can analyze customer data, such as transaction history, credit score, and other financial information, to determine the level of risk associated with onboarding a new customer. This can help banks identify potential fraudulent activities and make informed decisions about whether or not to onboard the customer.
- Chatbots: Chatbots can be used to provide customers with a more personalized onboarding experience than a regular automated FAQ section. AI-powered chatbots can help customers complete the onboarding process by answering questions, providing guidance, and offering assistance in a way that is best suited for their problem.
- Document Processing: AI can help banks and financial institutions automate the document processing required for onboarding. By using OCR (optical character recognition) and NLP (natural language processing) technology, AI-driven platforms can read and extract information from documents, making the onboarding process more efficient, accurate, and less cumbersome for the customer.
- Personalization: AI algorithms can analyze customer data to cross-sell personalized recommendations and services during the onboarding process. This can help banks to enhance the customer experience and build long-term relationships with their customers while also exposing the customer to a host of products that would have hitherto stayed away from his view.
Overall, AI can help banks and financial institutions to streamline the onboarding process, improve the customer experience, and mitigate the risk of fraud. Celusion’s proprietary AI-driven onboarding platform known as Onboard helps numerous banks and financial institutions onboard customers in less than 15 minutes!
Would you like to know more about Onboard? Click here.