Artificial Intelligence (AI) is no longer a futuristic approach. In actuality, it has reshaped many industries globally, and the case with the finance industry in Pakistan is no different. AI is being used by almost everyone, from banks to fintech startups, for operating smooth financial services, which are faster, more intelligent, and accessible to a wider group of people.
The biggest use of AI in the financial sector of Pakistan is automated customer service. On this note, the industry enterprise data team is tasked with employing customer helpbots utilizing AI. A few of the various initiatives that banks and fintech companies are deploying include lean and AI-driven robots with support for 24/7 prompt response to customer inquiries and services across the globe. The operational convenience also broadens inclusivity in the market, making the fintech services industry more accessible and providing more customer experience engagement.
The online system has played a major role in fraud detection. The increased concern for security brought by the rise in online banking and digital wallets has led to these sectors utilizing AI tools for the detection of fraudulent transactions. Artificial intelligence is thus instrumental since it is able to track the most common online frauds and initiate both the blocking and alerting of transactions in hacked accounts.
Artificial intelligence has the benefit of being competent in leading financial markets in the provision of individualized services to meet specific individual needs. An individual’s incoming and outgoing cash flows and his/her history of financial transactions with the bank can help AI to recognize that she/he is capable of providing the customer with the right services at the right time. Therefore, making the right decision and effectively managing one’s finances end up becoming easy tasks.
Financial technology companies in Pakistan like SadaPay, NayaPay, and Easypaisa are using AI in their platforms. Artificial intelligence is being used in developing what could be a better and more efficient digital bank for Pakistani customers. The main advantage is that these AI-powered digital banks can now reach people living in more remote areas.
There are challenges too. Apart from having challenges in realization, Pakistan also requires great internet access, digital literacy, and data privacy, one of the biggest problems that the nation of Pakistan is facing. However, the good news is that our country is already on the way towards a brighter future.
Artificial intelligence is actually transforming the finance sector in Pakistan to a thinking level. It has been instrumental in better serving clients by both banks and companies, preventing fraud, and providing tailored solutions. As technology advances, it opens up possibilities for the financial system to reach a new level of development that includes all members of society.