Artificial Intelligence is a technology used in many fields to improve the aspects related to them. In the case of Finance, AI is providing banking and credit cards a new point of view. In this article we will tell you all about it. If you want to know more, just keep reading!
What is Artificial Intelligence?
You may not have heard about it before. Artificial Intelligence involves computer systems or machines able to perform tasks that usually need human intelligence or intervention. The skills that a machine can do are several. Then, we can highlight making decisions, visual perception, speech recognition and even facial recognition.
Usually, tasks need a pattern comparisons and recognition of data. However, AI algorithms and software can recognise the data which has the most common pattern of use. So, those skills that Artificial Intelligence offers are also incorporated in banking. It involves the improvement of credit cards’ rewards program design.
How can AI change your wallet?
Social media marketers usually use ad retargeting in order to deliver the most relevant ads to the users. Banks and credit card companies improve their offers depending on the user’s buying behaviour and activity. Therefore, they do not only focus on the demographic information provided by the ads.
We know that banks are collecting this information from some time ago. If you don’t know where this information comes from, we are here to reveal it to you. Then, you have to know that it’s available thanks to statements and online accounts.
However, it’s difficult to analyse all this information and data. It will take too much hours for a person to derive logical conclusions from the data, sift through it and find patterns. Therefore, this is when AI takes place. It makes it possible to achieve more relevant and interesting rewards according to your use and patterns.
In order to redeem your rewards, you can either sift through pages of offers or you can receive the suggestions that a computer delivers directly to you. So, those offers are specially selected to suit you.
AI banking: best 2 credit cards and banks
Many of the major banks of the world use AI banking. It helps them to improve and hyper-personalise the customer service that they may offer. We present you three of the most important credit cards and banks that are currently using AI banking.
This company puts together 10 petabytes ( 1 million of data per petabyte) of corporate and institutional data with Client Intelligence Utility. HSBC’s program is experimental. However, it is in the top tier rewards cards with the HSBC Cash Rewards Mastercard credit card. It uses AI to provide recommendations to the clients.
It is also famous because of the high-end rewards and the travel concierge service that it offers. It includes AI’s chatbot to provide services such as personal shopper and travel agent without the intervention of a person. Users can do it through an app called AskAmex. This app can maximize the client’s points when using the American Express Gold Card.
The future of banking with AI
Although we can’t predict the future, it is clear that AI will change the way we see banking. Credit card issuers will have a stronger position, providing the best options for the customers’ lifestyles. Nonetheless, we can see that banks are using Artificial Intelligence to make the customers’ choices better in order to get them out of debt.
In that aspect, hyper-personalisation is becoming more relevant, offering better rewards, choices and bonus points. It is the future, and AI is on it, transforming the power of credit cards.
Do you want to change the future of banking with AI? Join our Master!
If you want to change the banks and credit cards’ future with Artificial Intelligence, you are in the right place. The University of Alcala offers you the best Master in Artificial Intelligence and Deep Learning of Spain. You will be able to become a professional and an expert on the field thanks to our lecturers.
Do not hesitate! With the possibility of doing it online you will be able to do it whenever and wherever you want. Furthermore, if you join us quickly, we grant you a 10% discount on the final price of the master. What are you waiting for? Change your future and improve it with us!