CLOSE
Loading...
12° Nicosia,
10 June, 2023
 
Home  /  Comment  /  Opinion

Banks and artificial intelligence

AI has the potential to improve customer service while also increasing transaction security

Opinion

Opinion

by Yiannis Georgoulas

Artificial intelligence is a technology that is based on a machine's ability to perform procedures and make decisions based on data analysis and learning. In the banking industry, AI has the potential to improve customer service while also increasing transaction security.

It has redesigned the banking industry, from capital management to risk assessment to payment and customer management. AI technology enables banks to address human uncertainty and a growing customer base by providing more efficient and personalized services. AI can be used to analyze large amounts of data in real-time and identify patterns and statistics that will assist banks in making faster and more efficient decisions.  Banks, for example, can use machine learning algorithms to analyze data and improve forecast accuracy. Furthermore, artificial intelligence can be used to combat fraud. Technology has significantly altered the way banks operate and serve their customers.

Its use has increased the security of payments, improved risk management, and increased process efficiency. Finally, artificial intelligence can be used to improve the customer experience. Chatbots can help banks answer customer questions and provide information about their services. As a result, we can see that everything is changing for the betterment of citizens as a result of new technologies. What we must do is adapt as quickly as possible so that our banks can become pioneers in order to attract technology companies.

* Yannis Georgoulas works as a Strategy and Operations consultant.

TAGS
Cyprus  |  banks  |  AI

Opinion: Latest Articles

The shocking face of violence

The shocking face of violence

From jaw-dropping videos to meaningful dialogue: Confronting violence, racism, and gender-based hostility in Cyprus
Yiannis Ioannou
 |  OPINION
File photo

Forty-nine years of lies

''For the record...the Turkish Commission in the occupied territories appears to have received 6,761 applications from Greek ...
Apostolis Tomaras
 |  OPINION
Here comes the Digital Euro!

Here comes the Digital Euro!

The digital euro, however, is still being developed and tested by the European Central Bank and is expected to be launched ...
Opinion
 |  OPINION
The ''other side'' 20 years later

The ''other side'' 20 years later

I looked in wonder at the people on the bastion opposite CYTA. I saw a lot, understood little, and wanted to know more... ...
Apostolos Kouroupakis
 |  OPINION
'Everything is a party'

'Everything is a party'

''It seems like Mr. Hadjiyiannis has mixed up his days of performing in Athens with his days of being the Deputy Minister ...
Apostolos Kouroupakis
 |  OPINION
The value of authenticity

The value of authenticity

''Easter is also a deeply Greek moment that unites us all around an imaginary big table.''
Alexis Papachelas
 |  OPINION
X