AI Advancements in the Digital Banking Industry

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The rise of digital banking has taken the traditional financial sector by surprise and for many good reasons.

From pioneering the art of customer service online to using artificial intelligence to handle many of their operational tasks, digital banking is not just a glimpse of the future of finance. It is a peek into the future of the world of business itself.

And all of this is in part due to the revolution that is being sparked right now by advanced artificial intelligence (AI) applications. Not only is AI making the operation of a bank more efficient than ever before, but it is also enabling secure transactions and data protection at levels previously unimaginable.

From biometric technologies to the rise in automated customer service, here’s how artificial intelligence is transforming digital banking:

AI Banking Services

Perhaps the most consumer-facing change brought by digital banking, is that everything is managed via an app or an online portal. This includes funds transfer, loan applications, paying bills, receiving statements, and much, much more.

In fact, the amount of data that digital banks give their customers at the click of a button is one of the many reasons so many businesses are switching to this innovative format. Additionally, moving everything into the digital space gives banks more control over the customer experience than ever before.

Also based on a report by McKinsey prepared on the basis of more than 25 use cases AI technologies are indeed helping the boost of revenues through increased personalization of services to customer. Banking services included. There are also the lower costs through efficiencies occurred due to the higher levels of automation, reduced errors rates, and better resources utilization.

Last but not least for this section it is also the origin rooted in risk and fraud detection, and of course the cost reduction, due to which AI is increasingly important for financial services companies to be competitive nowadays.

Chatbots and Automated Customer Service

Artificial intelligence is able to provide fast, responsive and customized customer service to banking clients and it can do this on a constant basis. AI innovations are proven to be superior to the old methods, both in terms of efficiency and speed.

From promoting new, relevant products to handling problems before they become issues, AI-based chatbots and customer service melds front-facing logistics with sales and marketing in unique and powerful ways. Institutionally speaking, banks like this approach because it means that the most relevant products will be promoted to the most likely consumers without the need for human micromanagement.

Risk Management and Security

Outside of customer-facing activities, artificial intelligence systems are also at the forefront of banking security, taking leading positions among the measures for ensuring the integrity of financial systems around the world.

From identifying patterns of fraud to stopping it before it gets a chance to start, artificial intelligence is changing the way financial institutions view and manage risk.

Benefits to banking clients include more robust systems to protect their data and information as well as more timely processing of loan applications.


One of the largest boons for the industry as a whole is that artificial intelligence is helping to bring about a standardization of practices and procedures to banking that was hard to implement in the past.

Standardization goes well beyond domestic banks, extending to the global financial system as a whole.

As artificial intelligence and systems predicated upon it become more common, processes for data protection, risk assessment, and client management will go from regional and particular to universal and global. Thanks to digital ecomony, interstate borders and geographical locations are expected to gradually lose their significance, opening the future to smoother international cooperation and effective unified processes and regulations in the banking sector.

Banking Unlimited.

Now in the context of all the mentioned above, it is important to also, point out that Monneo embraced the advancements within the tech space and implemented those within the sophisticated yet very effective and cutting edge digital banking solution. Monneo’s founders came from a strong eCommerce and banking background and saw the urgent need for a new technology platform through which merchants can access the digital services of trustworthy, leading banks across Europe. You can check our official website to learn details about the services we offer or alternatively, you can contact us directly and apply for a virtual IBAN.

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