AI (ARTIFICIAL INTELLIGENCE)

Using AI (Artificial Intelligence) in Banking

Harness the power of AI into your banking operations for optimized workflows, enhanced decision-making, and seamless and innovative banking journey for customers

Why use AI in banking?

The integration of AI into banking processes is important for institutions aiming to stay at the up-to-date with technological advancement and meet evolving customer expectations. The use of AI-based systems in banking not only increases operational productivity but also enables data-driven decision-making that surpasses human capabilities. In addition, intelligent algorithms empower banks to swiftly detect and respond to fraudulent activities, ensuring the security and trust of customers. All in all, the adoption of AI in banking is not just a strategic move; it is a necessity for staying competitive, efficient, and resilient in a rapidly evolving financial landscape.

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How can banks benefit from AI?

Integrating AI into banking operations offers transformative advantages, elevating efficiency and innovation. Here are some key benefits that highlight the impact of AI in the banking sector:

Enhanced Customer Experience

AI enables banks to provide personalized services, such as tailored product recommendations and efficient query resolution through chatbots. This customization enhances overall customer satisfaction and loyalty.

Operational Efficiency

AI automates routine tasks, reducing manual efforts and increasing operational efficiency. This leads to cost savings for banks while allowing employees to focus on more complex and strategic aspects of their roles.

Data-Driven Decision Making

AI processes vast amounts of data at high speed, providing valuable insights that aid in informed decision-making. Banks can use predictive analytics to assess risks, identify market trends, and optimize strategies, contributing to more effective and strategic business operations.

Fraud Detection and Security

Advanced algorithms in AI systems excel at detecting patterns and anomalies, making them highly effective in identifying and preventing fraudulent activities. This enhances the security of financial transactions, instilling trust among customers.

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What are some use cases of AI in the banking industry?

Here are some instances where AI can be useful in banking:

Risk Assessment and Credit Scoring

AI brings innovation to risk assessment and credit scoring by creating synthetic data for better model training, enabling institutions to represent diverse risk scenarios and improve predictive accuracy. This technology enhances creditworthiness evaluation, streamlines risk assessment workflows, and optimizes capital allocation, reducing turnaround times and strengthening overall risk management in the banking industry.

Compliance and Regulatory Reporting

Financial institutions leverage AI to tackle compliance challenges, automating analyses, monitoring transactions, and enhancing the efficiency of compliance processes. By generating synthetic data for testing and reporting, this technology reduces errors, streamlines reporting, and ensures ongoing adherence to evolving regulations, enhancing overall risk management and regulatory compliance.


Personalized Customer Experiences

In banking, it’s crucial to tailor financial solutions to individual needs. Generative AI helps achieve this by analyzing customer data, offering personalized advice, and creating customized portfolios. This not only boosts customer satisfaction but also opens up opportunities for cross-selling, ultimately increasing revenue.

Chatbots and Virtual Assistants

Useful in banking, chatbots and virtual assistants with generative AI offer 24/7 automated assistance, giving quick and human-like responses. This not only speeds up response times and reduces waiting but also saves costs, ensuring consistent and accurate support for a better customer experience.

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How much does it cost for banks to implement AI?

Different AI tools cost differently, and some of them have a "pay-per-use" model. The total cost would depend on the type of AI tool being used and the number of end-users. However, banks should also take into account the availability of base systems and their ability to connect to AI tools. This would also be an additional investment to those who do not have the necessary base systems in place.

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Build smart & modern AI apps for banking

Explore how your app can go from good to great with AI functionalities that create better user experiences

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Why choose Xamun?

Build customer- or external-facing Web, iOS, and/or Android apps the way you want it built - fast, at fixed price, and you get to keep the source code!

Fully-Custom Software BUT Built Incredibly Fast

With the speed at which your competition (including startups) are innovating, you need to get software built at lightning speeds. Xamun got you covere by letting you build from prototype to working software in as fast as A FEW HOURS!

Fast like No-Code BUT You Keep the Source Code

With Xamun, you own the resulting source code. What does this mean? Your team has the freedom to update your custom software whichever way you want. Also, owning the source code lets you retain your competitive advantage because the IP is all yours.

Tailored to Your Needs BUT Pay Fixed Price

Outsourcing custom software development is oftentimes limited to time-and-material contracts which may not work well with your existing budget management processes. With Xamun, we accommodate a fixed price project engagement for every version of your custom software.

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Frequently Asked Questions

1. Why build custom AI software for banking?

Custom AI software for banking ensures a perfect fit to address specific challenges, fostering efficiency, innovation, and a competitive edge. Tailored functionalities allow seamless integration, maximizing the benefits of AI in banking.

2. What exactly does AI do in Banking?

AI in banking performs a range of tasks to enhance efficiency, security, and customer experience. It can analyze vast amounts of data to personalize customer experiences, automate customer support through chatbots, detect fraudulent activities in real-time, streamline compliance processes, and optimize risk assessment and credit scoring.

3. What AI solutions can be built for banking?

AI solutions for banking include personalized customer experiences with tailored financial advice, automated chatbots for 24/7 customer support, and systems addressing compliance, regulatory reporting, risk assessment, and credit scoring. These applications enhance efficiency, customer satisfaction, and risk management in the banking sector.

4.  Is building an AI custom software for banking worth it?

Yes, building custom AI software for banking is often worth it, providing tailored solutions that address specific challenges and deliver long-term benefits, including enhanced efficiency and a competitive edge in the evolving financial industry.

5. How much does it cost for banks to implement AI?

Different AI tools cost differently, and some of them have a “pay-per-use” model. The total cost would depend on the type of AI tool being used and the number of end-users. However, banks should also take into account the availability of base systems and their ability to connect to AI tools. This would also be an additional investment to those who do not have the necessary base systems in place.

6. How long will it take to build an AI software for banking?

If you have an existing Figma prototoype, building and deploying a bespoke solution with AI machine translation services with Xamun can take as fast as a few hours. If you’re coming in with a fresh idea, it can take only 4-6 weeks!

7. Do I need technical know-how to get an AI custom software for banking built with Xamun?

Not at all! As a service will take care of all the technical stuff, and you just need to make sure all your business processes are covered in what we will build for you. At some point, we will release a DIY platform and in that case, your own tech team can directly build your bespoke solution on their own.

8. Are there hidden fees?

Absolutely not! We will be very upfront on the total cost of build as soon as you sign off the Figma design for your custom insurance software which will also include a detailed scope of how the app would work. Unless you have additional features to build, that’s the final cost.

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Build your app today

Xamun is a powerful app builder using AI & bots to quickly create software

  • Ultra-fast time-to-market
  • Minimized scope creep
  • Code ownership
  • Better documentation
  • Unbeatable agility
  • Fixed & predictable costs
About Xamun
Xamun revolutionizes software development with AI, unlocking innovations that have been long shelved or even forgotten. It empowers product owners, and startup founders to bridge the gap between business and software engineering to create top-notch cloud software within weeks.

​Xamun mitigates development risks, providing cost savings versus full-code outsourcing. It’s a potent no-code/low-code alternative, offering rapid customization and full source code ownership, free from recurring subscription fees.

Developed by BlastAsia, a major player since 2001, renowned for software engineering in the Philippines.