Since October 2022 Softline has been operating under the brand name Noventiq.

There has been a pressure on financial services providers to mitigate the security and compliance risks associated with their transition. They are looking to improve efficiency in any way they can, which will accelerate new focuses in financial services, including the rise of open banking, the growing demand for real time payments, the ascendance of sophisticated FinTech players and the entry of data-savvy global tech giants into the sector. AI can help organizations guard their expanding attack surfaces and ensure compliance in ways that are measurable and auditable. Banks and others can save time and money by using AI to automate labor- intensive, paper-based processes and to deliver seamless self-service experiences for customers in the new, more virtual world.

1. Innovation for all

AI delivers a better customer experience by engaging people in a natural, highly personal, and innovative way. Predictive intelligence helps to know customers thoroughly by showing their buying habits and financial aspirations. AI based solutions also creates a more natural dialogue for a more personalized customer experience. Banks can better understand consumer data for more targeted offers, also it helps to keep messaging consistent across all channels. Customers need the trust in secure banking which means securing identities, apps, data, devices, and infrastructure.

2. Data is the key

Financial institutions must utilize big data to lower costs, improve efficiency, and unlock investment potential. Optimizing operations with machine learning helps organizations gain insight into risk and operational models, as well as act on real-time intelligence to enhance risk management while meeting all-important regulatory requirements. Microsoft cloud infrastructure provides continuous monitoring, increased transparency, and digital privacy protection, allowing customers to take advantage of all the cloud offers in a more secure way.

3. Not business as usual

Reimagining and simplifying business processes will give financial institutions the edge they need to compete in the rising digital economy while improving their bottom lines. Digital agents save time and money, while faster, more customized service encourages people to bank more often, in addition financial services can reach more customers at every financial level by using bots.

4. Making smarter bankers

AI now allows bankers to be more collaborative and productive without sacrificing security. Providing bankers access to real-time information organizations can keep costs down and increase productivity by fostering collaboration and faster decision making. AI also can help to understand how banking teams are handling workload.

5. The fight against fraud

AI has been on the frontlines against fraud for a while now, but these days, it’s more powerful than ever, thanks to machine learning and stronger computing power. Security teams can protect the bank and customers against increasingly sophisticated cyberattacks with real-time analysis for faster threat detection. Real-time screening strikes the right balance between detecting violations and processing customer payments without unnecessary delays, while flexible screening tools seamlessly integrates with multiple banking and financial services business systems.

6. Manage risk

Machine learning boosts analytical capabilities in risk management and compliance for more informed security decisions. Real-time intelligence optimizes risk management by getting risk results as quickly as possible for faster, better everyday decisions. Moreover, it helps to meet regulatory requirements more effectively, also, predictive modeling radically improves risk analysis.

This article is a short summary of Microsoft’s ebook “Banking on AI”. If you would like to read the ebook, you can download it here after registration.