<ul> 
<strong>How is Al strengthening the competitiveness of the financial Service Industry? </strong>
<p>
Artificial intelligence in finance is a powerful tool that comes in handy when analyzing real-time activities in any given market or environment.
</p>
<strong>Enhanced Customer Experience </strong> 
<p>
Customer service is a fundamental part of the financial service industry. Based on past interactions, Al develops a better understanding of customers and their behavior. Banks can, therefore, customize financial products and services by personalizing features and intuitive interactions to achieve meaningful customer engagement and strengthen their customer relationships. The Bank of America employs Al in two forms: natural language processing to comprehend speech, text, and intent. The second form is in machine learning to get insights from customer data that can be used as advice and recommendations.
</p>
<strong>Detecting Fraud </strong>
<p> 
The finance industry is highly vulnerable to hacks and scams. Fraud detection and mitigation is the foremost priority of the banking industry. Al technology plays an essential role in decreasing rates of false positives, averting fraudulent attempts, and reducing payment frauds. 
Al is extremely efficient in detecting fraud. A significant number of financial institutions acknowledge that Al is capable of preventing fraud before it happens. Through supervised machine learning, Al can interpret trend-based insights which joined by entirely new knowledge gained through unsupervised machine learning, enables Al to determine if a transaction is fraudulent or not. 
</p> 
</ul>