Shamayun Miah — How Artificial Intelligence is Transforming Financial Services

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Shamayun Miah How Artificial Intelligence is
Transforming Financial Services
Being in the industry for more than 15 years,
Shamayun Miah has worked in Management Consulting
and Systems Integration firms. He has helped
banking clients transform by implementing AI,
Robotics and Cloud solutions at scale. Shamayun
Miah believes the financial services industry is
at a pivotal moment. Technology disruption, be it
AI, Robotics, Cloud Computing in combination with
consumer shifts, are laying the basis for a new
S-curve for the financial services business model.
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Since the financial crisis, the banking industry
has faced-low-interest rates, deleveraging, low
credit growth, increased regulation and higher
compliance requirements. On top of this are
experiencing greater competition from the
entrance of fin-tech, who are more innovative,
agile and do not have the legacy IT systems
holding them back. The financial services
industry recognizes that the only way to compete
is by deploying cutting edge and innovative
technology. The industry requires a whole scale
transformation of both back-office and
front-office systems, processes, and talent.
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Artificial Intelligence combined with data
analytics has the potential to deliver over 1
trillion of value. Less than 70 years from the
day when the very term Artificial Intelligence
came into existence, its become an integral part
of the most demanding and fast-paced industries,
be it health care, retail, or banking.
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Our idea here is to bring out the exceptional
contribution of AI in Financial Institutions
- Fraud Detection Credit card fraud has become
highly prevalent, especially after the increase
of e-commerce and online transactions. AI
identifies a users buying patterns, behavior,
and location and triggers an alarm when unusual
activity is monitored it does this by ingesting
millions of points data and machine learning
algorithms. Organizations like Bank of America,
Goldman Sachs and JP Morgan understand the
importance of their AI-based fraud detection
system. Their advanced algorithms can analyze
interaction under different conditions to
establish a relationship that might detect fraud.
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Personalized Banking AI is enabling
differentiated experience to the end-users by
providing personalized experience, for example,
natural language chat-bots that go beyond
providing simple Q/A they provide comprehensive
solutions that allow end-users to ask complex
questions, seek an immediate response, interact,
pay bills, resolve complex financial issues, and
seek advice based on their spending patterns. AI
is highly beneficial at analyzing data, providing
decision-makers with valuable insights and
helping banks get more decisive reports to
encourage the right business decisions.
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Whats Next? Shamayun Miah is optimistic and sees
AI as an integral part of the banking and
financial systems of the future, be it account
security with facial scanning, Bio metrics with
voice, machine learning for fraud detection, or
conversational bots for account management. All
this will make banking more accessible and allow
the industry to provide differentiated services
and drive the costs to serve lower.
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Thank You

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