AI-powered credit scoring systems are revolutionising lending practices by providing more accurate risk assessments . How has this helped with financial inclusion efforts ?
interactions could often be clunky and time-consuming , AI chatbots allow customers to manage their finances efficiently from their mobile devices . For instance , chatbots can automatically categorise transactions , suggest personalised savings goals and even remind users to pay bills before they are due , without compromising on all security .
What ’ s more – chatbots can offer personalised financial guidance based on individual spending habits , ensuring that the banking experience is not only convenient but also highly relevant to each user ’ s needs .
All of this creates a much smoother , more efficient and more intuitive experience for consumers . This is particularly evident in the rise of digital-only banks , which leverage AI to provide innovative services that were traditionally limited to in-person interactions .
The result is a banking experience that is just as much about empowering customers with the tools and insights they need to make informed financial decisions , all while maintaining a high level of security and trust , as it is about completing transactions .
However , while AI chatbots have enhanced the digital banking
198 November 2024