Artificial intelligence (AI) is shaping the future of banking in Bangladesh by offering innovative solutions to age-old challenges. From fraud detection to personalized customer service, AI is transforming how banks operate.
AI-powered chatbots, such as those deployed by leading banks like Prime Bank and Eastern Bank, provide 24/7 assistance to customers. These virtual assistants can handle queries about account balances, transaction history, and more, reducing the workload on human staff.
In addition, AI algorithms are being used for credit scoring and risk assessment. By analyzing customer data, banks can make more informed decisions about loan approvals, reducing the risk of defaults. Fraud detection has also become more robust with AI, as algorithms can quickly identify unusual transaction patterns and alert authorities.
However, the adoption of AI in banking comes with challenges, including high implementation costs and the need for skilled professionals. To fully harness AI’s potential, banks in Bangladesh must invest in training their workforce and collaborating with tech startups for tailored solutions.
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