🔴 088. AI : Banks Smart Security & Better Service

Join Us | Newsletter : https://buymeacoffee.com/marlonbonajos/membershipTry this | 7 Days Challenge : https://tinyurl.com/7-Days-ChallengeHow Banks Use AI to Catch Fraud and Help YouOkay, imagine banks and places that handle money are using super smart computer programs, kind of like robots inside computers. This is called AI, or Artificial Intelligence. They use AI for some important reasons:- To Catch Bad Guys: AI is like a super detective watching every transaction you make, all the time. It looks for anything strange or unusual that doesn't seem like your normal spending. If someone tries to steal your credit card information or pretend to be you (which is called identity theft), the AI can spot it really fast and help stop it. Companies like HSBC use it to stop money laundering, which is when criminals try to make dirty money look clean. Citi has a special system that checks payments in 90 countries to find weird ones. Mastercard and American Express also use AI a lot to protect credit cards from fake use. It helps stop cheating that costs a huge amount of money every year.- To Figure Out What's Risky: When banks need to decide if they should lend someone money or invest in something, AI helps them figure out the chances of something going wrong, like if the person might not pay back a loan. It can look at tons and tons of information much faster than a person. This helps them make smarter and more accurate decisions. Citi uses AI when they approve loans for big companies. Some companies even use AI to look at different kinds of information about people to help those who might not usually be able to get a loan. AI can even help watch people who trade money for the bank to make sure they aren't doing anything sneaky or illegal.- To Make Things Nicer for You: AI also helps banks understand what individual customers might need. While the sources don't give super specific examples of exactly what personalized things they do, they say AI helps make checks, like risk checks, faster and more accurate for you personally. It's about making the experience of banking smoother and better suited for what each person needs.So, in short, AI helps financial companies keep your money safe, make smart decisions about money, and offer services that are better for you, making things more efficient and improving customer happiness