The Rise of AI in Financial Services
The financial sector is undergoing a significant transformation, thanks to the integration of advanced technology tools. This shift prioritizes more personalized and secure customer interactions, as highlighted by the Cobis Topaz PULSO 2024 Survey.
AI’s Impact on Financial Institutions
According to the survey, AI-related applications are increasingly focusing on automation and personalized services. This trend allows financial institutions, including banks, savings and loan companies (sofipos), neobanks, fintechs, and more, to operate more intelligently, securely, and customer-centric.
Insights from Cobis Topaz CEO, Jorge Iglesias
In an interview with El Economista, Jorge Iglesias, CEO of Cobis Topaz, explained that AI is not only enhancing internal operations but also delivering more efficient, secure, personalized, and accessible services to users.
- Faster, personalized services: AI enables quicker, 24/7 customer support tailored to individual financial goals.
- Enhanced security: AI bolsters data protection and reduces bureaucratic processes, streamlining internal operations.
- Personalized experiences: Financial institutions can offer customized services based on customer needs and preferences.
AI’s Role in Transforming Financial Business Models
Iglesias emphasized that AI is revolutionizing banking business models by disrupting traditional structures and processes. Digital banks, for instance, leverage AI to provide tailored services based on customer habits and consumption patterns.
Fraud Detection with AI
Iglesias also pointed out that AI plays a crucial role in detecting fraudulent behaviors with high precision, sometimes even preventing transactions before they occur.
- Data analysis and biometric systems: AI improves fraud detection and prevention of cyberattacks through data analysis and biometric systems.
- Machine learning algorithms: AI identifies fraud and anomalies using machine learning algorithms focused on patterns.
Cobis Topaz’s Secure Journey solution, for example, ensures real-time evaluation of 100% digital transactions, continuously learning from vast data volumes to detect fraud patterns and prevent high-risk transactions.
Key Trends Shaping Financial Services in 2024
- AI as a cornerstone for efficiency and customer satisfaction: 70% of financial institutions plan to implement Generative AI (GenIA) services to optimize efficiency and customer satisfaction.
- Holistic wealth management: The current financial landscape moves beyond traditional approaches, adopting a holistic model that considers users’ financial status, life goals, personal priorities, and long-term aspirations.
- Embedded intelligence in finance: Embedded intelligence models, driven by GenAI, aim to revolutionize financial operations by automating tasks and enabling more precise decision-making.
