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Conversational AI

Top Five Factual Conversational AI In Insurance And Banking Use Cases

The BFSI has been at the forefront of tech adoption. Now we can transfer money, see our account details, book a policy, etc., with just a tap of a button. BFSI sector is not only investing a lot in the transaction process but also investing millions of dollars to improve customer support services and security.; in these investments, Artificial Intelligence holds a major chunk of the share.

According to Allied Market Research, the valuation of AI in BFSI was pegged at USD 17.765 billion in 2018 and is expected to reach USD 247.367 billion by 2026 – registering a CAGR of a whopping 38.0%! This exponential growth points towards the discovery of practical and viable use cases of conversational AI in the sector, which we will be exploring in the following segment.

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Voice Biometrics

Why Voice Biometrics In Banking Is The Future Of Online Banking

Banks have to constantly stay on top of the best methods for authentication to combat online fraud. Traditionally, banks have used knowledge-based authentication methods like PINs, passwords, and one-time passwords. Now, the demand for contactless and seamless technologies has permeated even to banking security, especially after the COVID-19 pandemic’s impact. Voice biometrics in banking is a promising online banking solution, above and beyond the retina and fingerprint scanners that require people’s physical presence.

In this post, we trace why traditional authentication methods are falling short in the post-COVID world, and the various avenues opened up in online banking by the adoption of voice biometrics solutions. From fraud prevention to improved customer experience, the benefits are manifold.

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Voice Biometrics

Voice Biometrics – Cost Effective & Secure Authentication Method For Contactless Future

The COVID-19 outbreak has triggered a world of innovation across various verticals. Whether it is automation through AI-powered chatbots or setting up remote offices – technology is facilitating such changes. Widespread digitization has also increased the scope for accommodating augmented technologies that branch out into different areas. Voice biometrics is emerging as one such avenue.

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Customer Service Automation

Technology in Banking: How AI Can Help Prevent NPAs

Have you ever wondered or asked someone, ‘why banks become bankrupt if they are the institutions to get the highest deposits of money more than any other industry? Even while adhering to compliance and tons of rules and regulations in lending money, you might wonder why they still have a hard time while recovering money back from the borrowers? As per Federal Reserve Board, there was about $4.225 trillion in total outstanding consumer credit during last February 2020.

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