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Description:
Imagine smart computer programs that can learn and make decisions, kind of like a super-smart assistant.
That's basically Artificial Intelligence, or AI. Banks and financial companies are using AI in lots of ways to make things better and safer for you and for them. One big way AI helps is by catching fraud.
Think about how banks see tons of transactions every second.
AI can quickly look at all those patterns to spot something weird that might be fraud, like someone trying to use your card far away when you're home. Companies like Visa have been using AI for this since way back in 1992! This helps stop fraud before it happens.
But here's a tricky part: bad guys are also starting to use their own AI tools to try and trick the system, which means banks need even better AI to fight back.
AI also helps banks figure out how risky something is, like deciding if someone should get a loan. Instead of just looking at a few things, AI can analyze lots of different information to make a better guess about whether someone will pay back money. Companies like Citi Bank use AI to check company finances for loans, and others like Upstart even look at things beyond just your credit score.
This helps banks make smarter decisions and manage their money better.
Lastly, AI is used to make services feel more personal for you. AI can help banks understand what you need so they can offer you better advice or products. For example, Capital One has an AI assistant called Chat Concierge that helps people buying cars get real-time help.
Visa is even exploring using AI agents to help you with shopping tasks like finding the best price.
This can make banking and financial tasks easier and more helpful. So, AI in finance is mainly about using smart computers to detect fraud, decide on risks, and give you more personalized help. It helps make things safer and improves how you interact with your money
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