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The role of artificial intelligence and video in banking services

 Video calling is one of the most important innovations that has changed a lot of the lives of its users. This technology has begun to emerge and spread, and with the development of artificial intelligence techniques, video calls have become more useful.

The role of artificial intelligence and video in banking services

When video calling was introduced effectively and usable by Skype in 2003, users thought that this technology would change the world and have a huge impact on everyone, but this did not happen.

However, the COVID-19 pandemic has prompted millions of users around the world to turn to and rely on video calls mainly. It has shown its usefulness in distance study or even business meetings. However, the integration of these services with modern artificial intelligence techniques has qualified them to play a larger role.

Due to the access of video call services to their maximum possible level on the one hand, and the availability of artificial intelligence capabilities on the other hand, the term “Video Banking” began to appear, which expresses banking services that can be done remotely via video calls.

This term is used to refer to any banking service that can be conducted via video. This is in light of the presence of employees from the bank, in addition to the presence of machine learning techniques and artificial intelligence capabilities.

Artificial intelligence and video in banking

AI models can train themselves over time. And that depends on the interaction of customers with it, especially in the banking field. This is in addition to relying on machine learning techniques in general.

Besides, the techniques of Natural Language Processing (NLP) have allowed these technologies to understand and communicate with humans effectively. On the other hand, chatbots have been able to communicate with customers professionally based on the information the bank already has about them.

A successful model has emerged at ABN AMRO in the Netherlands. Which provided an integrated experience for its customers based on machine learning techniques, artificial intelligence techniques, and employees. Banking video calls are different from traditional calls. As it depends on linking the user with a suitable employee of the bank based on his profile.

Machine learning capabilities allow all data to be processed and analyzed in real time and in a matter of seconds. For example, when a customer asks a question, the AI ​​model can provide him with all the necessary information very quickly.

Undoubtedly, banking has come too late in relying on these concepts. This is because managers and decision makers were ruling out relying on advanced technology services because there was no urgent need for it, but this has changed a lot after the pandemic.

According to recent studies, users have begun to rely heavily on technology in dealing with banks. As the percentage of Americans using digital services for banks has increased by 85%, and 40% of them have stated that they will continue to use these services even after the end of the pandemic.

A large number of experts believe that the future of banking services will depend on advanced technologies and automated processes. Especially after reports revealed that banks around the world have closed 3,324 branches around the world due to customers' reliance on Internet banking.