38th Annual Student Research Conference
The Use of Artificial Intelligence within the Banking Industry
Noah M. Washburn*, Jacob Ludbrook , and Hannah Hilsenbeck
Prof. Charles Boughton , Faculty Mentor
In this paper, we will examine the benefits of artificial intelligence (AI) in the industry. Banks can use AI to improve their customer service, through the use of chatbots and other online assistants that can provide around the clock customer support. Increased fraud detection is another benefit, which is especially important when there seems to be a new scam every other week. AI can analyze and search transactions and identify potential fraud, to help the customers stop fraudulent activity instantly. Another important service banks provide is loans. AI can assist banks in reviewing loan applications and credit applications Banks also use AI in compliance reviews to ensure compliance regulations are being followed as well as improving efficiency and the decision making process. Another important benefit of AI is it allows employees guidance when working on tasks. This would help the employees to be more efficient.
Keywords: Banking, Artificial Intelligence
Topic(s):Business Administration
Presentation Type: Oral Presentation
Session: 201-1
Location: SUB 3201
Time: 10:15