Artificial Intelligence (AI) has already made a significant impact in the world of finance as more banks recognize the value it brings for their bottom line and their customer’s safety. It will continue to do so as new technologies emerge.

Let’s take a look at some of the ways our banks have already been impacted by AI.

AI in Banking

Let’s get one thing straight. While banks may be using AI to improve your experience, they also use it to help their bottom line. A recent report from Accenture found that implementing AI in banks can lower operational costs by as much as 25 percent. Additionally, they can prevent fraud and cybercrime, which means fewer criminals can get away with their customers’ money. In short, everybody wins when banks adopt AI. (Everyone except cybercriminals, that is.)

Here are some of the more specific ways that banks are using AI in all areas of their business.

Front office

Gone are the days when people needed to go to a bank to handle any transaction. Today, customers only contact a bank when they have a specific need. Many banks use AI chatbots to give their customers quick answers to common questions. When a customer has a question or concern that needs to be addressed by a human, the chatbot can transfer them over to a human.

Some banks have taken chatbots a step further by using AI to deliver personalized experiences to customers by considering their financial situation to provide suggestions and solutions to their financial queries. You might not even recognize that you’re talking to a robot instead of a real person.

Middle office

Preventing fraud is a critical part of a bank’s middle office. Many banks are using AI to detect cybercriminal activities and prevent fraudulent payments from going through. Machines can analyze massive amounts of data faster than humans. Through their analysis, these machines can detect fraud immediately by recognizing when something does not align with the regular pattern.

Back office

The primary use case for AI in back-office banking is underwriting. For example, AI can instantly review an individual’s credit history to make a lending decision. This improves customer service by giving an instant answer about loan approval instead of making a customer wait for a manual underwriting decision.

It also frees human underwriters up to focus on tasks and challenges that require more consideration than an AI machine can provide.


By nature, the financial industry ends up with a ton of personal data that could be dangerous in the wrong hands. That’s why customer security is one of the primary motivations for incorporating AI into banks. Additionally, banks use AI to increase customer satisfaction and improve efficiency.

You have likely already experienced the benefits of AI at your bank, whether it saved you time when you had a question, kept your money from getting stolen by cybercriminals, or helped you get a loan faster. We should all expect to see more AI advancements from our banking institutions as technology continues to advance and evolve.