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12° Nicosia,
19 September, 2026
 
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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.

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Cyprus  |  banks  |  AI

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