Hello Upwork Community!
Ever thought about how Artificial Intelligence (AI) is changing the banking and finance sector? If not, let me take you on an enlightening ride.
First off, AI is making our experiences better and simpler. One example is the use of chatbots. These are computer programs designed to interact with us like a human would. They can answer our questions any time of the day, helping banks provide better service and save money at the same time.
AI is also changing how we check our credit scores. With AI, we no longer have to go through complex processes. Instead, a computer model does all the hard work, making it easy for us to keep track of our credit health.
Let's take a look at how some banks are using AI:
o TransUnion Bank uses a tool called Mint. Mint uses Machine Learning (a type of AI) to help customers understand how they can improve their credit scores.
o Wells Fargo, a well-known bank, uses chatbots to give customers the information they need quickly.
What's even more amazing is how much money AI can save. Research by Autonomous Next suggests that banks can reduce their costs by 22% by 2030 using AI. That's a saving of up to $1 trillion!
Keep an eye on this space for more information about how AI is transforming industries.