July 2, 2021

Artificial Intelligence (AI) use cases in banking

In banking, AI keeps your transactions safer, moves them faster and easier to access.

Maybe you’ve noticed it: Artificial Intelligence (AI) is showing up everywhere, even in banking and finance. Let’s look at how it’s affecting how you use money every day. 

What is AI?

AI (or “Artificial Intelligence”) uses algorithms built on data science and machine learning to predict, classify and make decisions on actions. It’s already part of our everyday lives, often without us realizing it. Did you know that AI is used to 

  • authentic and filter your email
  • personalize search recommendations
  • track and forecast traffic to find the quickest routes on maps

AI is also used to match job-seekers with better opportunities and the right employers. AI applications are also used to identify objects in images - from cats to cathedrals.

On social media, AI is used to detect user behavior that indicates they’re likely to self-harm.

AI is everywhere!

AI is with us offline too. Did you know that most commercial flights are flown by AI? On Boeing aircraft, pilots fly the plane for about 7 minutes. The rest is AI.

In the art world, artificial intelligence is used to restore aging work. In Amsterdam, lost and damaged fragments of Rembrandt's "Nightwatch" have been restored and recreated using AI solutions.

What does AI have to do with my money?

In financial services, AI keeps your transactions safer, while also processing them faster. Here are a few examples and use cases:

  • AI ensures your credit card transactions are secure. From Amazon to your corner ATM, AI directs your funds to the right person or retailer in the right amount, while also keeping your money secure.
  • Al helps financial institutions streamline lending, delivering loan reviews faster, making underwriting decisions more timely, and helping you get the best interest rates. 
  • AI provides fraud detection throughout the banking sector, intercepting suspicious behavior that threatens the security of your money and often doing it in real time. 
  • Across the banking industry, AI is shaping the future of investing, driving quantitative trading, risk management and more responsive portfolios.
  • AI technologies are even improving customer support, with personalized chatbots and virtual assistants empowered by natural language processing that's radically transforming the customer experience.

Fintech (or "financial technology") is a fast-growing, innovative sector, pioneering advances in mobile banking as well as anti-money laundering cybersecurity and biometric authentication. Fintech companies are pushing the adoption of AI far beyond banking services to bring a digital transformation to many other industries. 

                                                                            Financial planning with Bright.

Your Bright Plan and AI

Bright is built on groundbreaking AI strategies. It's a new, patented system of 34 algorithms developed by over 120 experts and tested by 55,000+ users. We call the system MoneyScience™.

AI is built into MoneyScience™, and it’s what makes your Bright Plan different, learning more about you, making your payments automatically, and calculating the best ways to save you money. 

Your Bright Plan relies on AI systems to deliver more personalized decision-making, based on predictive analytics and deep learning. 

If you don't have it yet, download the Bright app from the App Store or Google Play. Connect your accounts, set a few goals, and let Bright's advanced technology pay off your debts faster, build more of your savings and invest in a future that's all yours.

Recommended Reading:

What Is Moneyscience™ and how can you use It?

How Fintech Is Making Banking More Accessible

Amit Bendale
Co-Founder & Head of Data Science
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