AI has seeped through all walks of life, and it has paved its way into our basic needs of the everyday process. The same is for the world of finances. Artificial Intelligence has helped in online money transfer to Nigeria and other parts of the world due to its highly effective and intelligent solutions in technology.
Technological advancements and competitive forces have now proved to be the most significant transformational forces in the payments industry, paired up to meet consumer demands and standard banking regulations.
As per Ernst & Young’s (EY) recent FinTech report, the global real-time money payments market is projected to US$ 25.9 billion by 2023. As the focus is now shifting from traditional banking to digitized commerce and unmanned experiences, we will also see a growing role in the payments for AI.
AI is the leading front of digital transformation strategy in the financial world these days. Using AI to get better at the core banking operations and the tailor services will now deliver over $250 billion of value across the industry. In between the voice assistants, process automation, and chatbots, financial services are getting a massive makeover.
This is just the start. When we are stepping into the decade soon, let us now discuss how AI will impact finance, and it will affect businesses and consumers, and how it will change the financial services sector and the way you send money to Nigeria online or any other country forever in the future.
The Impact Of AI On Finances
Financial services have now recognized the potential of AI. Analysts and experts have estimated that AI will now save the banking industry roughly by $1 trillion until 2023. The new wave of innovation is now focusing on the customer experience.
Over the front end, conversation AI such as chatbots is also becoming a lot more mainstream. And on the back end, process automation, algorithmic analytics, and task automation give many benefits for uplifting finance. Now the robots are slashing the requirement of employees.
Gartner has reported that robotic process automation costs one-third of the offshore employee and one-fifth of an onshore employee. In finances, machine learning now makes up the bulk of AI efforts today, although automation also plays a massive role in the banks.
For money transfer to Nigeria and other countries, AI brings many benefits to help ease the process and make it accessible. It is mainly linked to assisting banks in collecting, organizing, and analyzing the mounds of data in the financial sectors.
Machine learning is the subset of AI that allows computers to learn to form all of the data offered to it without programming done by humans. Machine learning offers great ease in the payment system of how customers send money to Nigeria and worldwide.
Customer Service In Money Transfer Services
This AI is helping in Customer Service, which uses virtual assistants to save time and enhance the services. Voice assistants such as Siri and Alexa also help people get a lot more done, adding to the flexibility of the omnichannel experience.
Utilizing the built-in chatbot and AI technology, banking professionals may guide the customers through many touchpoints of a buyer’s journey, capitalizing on rapid response times and the personalization of customers’ experience.
Fraud & Anti-Money Laundering Services
Algorithms now analyze the history of all the risk cases and recognize the early signs of any potential future risks and issues. AI in finance is a strong ally when it is the case of analyzing the real-time activities in any given environment or market.
AI may drive necessary efficiencies in verifications, and transaction monitoring controls using machine learning and automating manual workflows.