Banks nowadays are using advanced technology to better serve their customers and keep their money secure. Technology like Artificial Intelligence (AI) is reforming how banks used to operate. Global IME Bank, Nepal’s leading financial institution, is using Artificial Intelligence (AI) to make banking simpler, safer, and more personalized.
Let’s look deeper into how AI makes it possible for banks such as Global IME to better attend to their customers, strengthen the bank’s security, and make sustainable plans for the institution.
Significance of AI in Banking Industry
The Artificial Intelligence integration into banking practices needs an exploration that is in depth. AI systems Machine Learning can be defined as a synonym to Artificial Intelligence, because its raw information is in the form of data. Banking institutions leverage AI technology to conduct automated operations while understanding customer preferences. Here’s how Bank uses AI:
Fraud Detection and Prevention
AI checks thousands of transactions every second.
If someone tries to steal money, AI notices strange patterns (like a big payment at midnight) and blocks it immediately. This will protect customers from online banking frauds.
24/7 Customer Service with Chatbots
AI chatbots like VIVA AI Assistant of Global IME Bank and provide quick and accurate responses. They help with KYC updates, password reset, loan information, credit cards etc.
AI-Powered Cybersecurity
AI helps protect customer data from cyber threats by using advanced algorithms to detect hacking attempts. Artificial intelligence keeps online banking safe by using several Machine Learning algorithms.
How AI Improves Customer Experience
The introduction of artificial intelligence has brought major changes to banking operations which focus mainly on improving customer service quality. AI has brought several key improvements to customer banking services through these specific functionalities.
- The implementation of chatbots allows users to get rapid problem solutions without needing to stand in queues.
- AI notifies users about pending bills through Smart Recommendations while also providing suggestions about budget plans.
- Secure money transfers are possible through voice control or facial identification features.
- Global IME Bank provides its customers with easy banking solutions through AI tools such as digital universe and mobile banking apps.
How AI Understands Customer Behavior
AI plays a crucial role in understanding customer behavior in banks. By analyzing vast amounts of data, AI can uncover patterns and insights that help banks serve their customers better. Here’s how AI achieves this:
- Spending Patterns: AI notices if you shop online every weekend and offers cashback deals.
- Life Events: If you start saving more, AI guesses you’re planning a wedding or education and suggests loans.
- Feedback Analysis: AI reads customer reviews to find common complaints (like slow apps) and fixes them.
Role of AI in Physical Security
Banks need safety beyond cybersecurity. Banks can use Artificial Intelligence for:
- Face Recognition Cameras: Spot strangers in restricted areas.
- Alarm Systems: AI detects broken windows or unusual sounds and alerts guards.
- Access Control: AI enhances access control systems by using biometric data, such as fingerprints or iris scans, to verify identities.
The Future of AI in Nepal’s Banking
Artificial Intelligence (AI) is set to revolutionize the banking sector in Nepal, bringing about significant changes in how banks operate and serve their customers.
Recently, Mr. Suman Pokharel, Deputy CEO of Global IME Bank, and Mr. Guru Prasad Paudel, Executive Director at Nepal Rastra Bank, had discussion on the impact of AI on the financial sector. Nepal Rastra Bank has already set up a separate study team and prepared a concept note for the purpose of AI application in banking. This project reflects progressive adoption of AI that would bring the banking environment to increased safety and efficiency.
Enhancing Customer Service through AI
Global IME Bank has found a way to make the bank customer service experience more convenient and personalized through the use of AI. Through the implementation of AI in different services, the bank ensures a seamless and smooth interaction.
Digital Universe Lounge: The bank has launched the “Digital Universe,” a modern lounge outfitted with AI-powered machines such as cash deposit machines and cheque deposit machines. With this setup, the customers can comfortably complete their transaction tasks because they do not have to stand in a long line.
24/7 Customer Support: Modern customers seek instant solutions or assistance day and night via AI based chatbots and virtual assistants.
Challenges and Opportunities
When the future of Artificial Intelligence in the banking sector of Nepal seems bright, it also poses hurdles. Data quality, regulatory frameworks, and the need for skilled professionals to develop and maintain AI systems are some of these challenges. Nevertheless, these obstacles can be outweighed by investing in the more forward-moving solutions that are offered in this more efficient and customer-centric banking sector.
Conclusion
From preventing fraud to answering messages at midnight, AI makes the banking experience easy, fast, and secure. As more AI is adopted in Nepal, Global IME Bank wants to be a pioneer and they want to do this to ensure that every customer, be it in Kathmandu or in a remote village, is served by the best.
The future of banking is here, and it’s powered by AI!
FAQs
What is the Digital Universe Lounge?
It is a modern facility provided by Global IME Bank with AI-powered ATMs and cash deposit machines for speedy and convenient transactions.
Is AI safe for banking?
Yes! AI plays a role in increasing security for Global IME Bank
Is 24/7 Customer Service available with AI?
Yes, AI-powered chatbots and virtual assistants can answer your queries 24/7. Global IME Bank chatbots are available at the website.
Why is Global IME Bank investing in AI?
This is to strengthen security measures & offer customers efficient, personalized services.
