Sypwai: How To Improve The Banking System By Teaching Artificial Intelligence?

How AI is used in banks with Sypwai company?

For most people, the introduction of AI in banking is the use of any information technology in financial processes. But in fact, it is a more complex, complex concept. It includes many digital processes, and Sypwai is one of the leaders in providing them.

The use of AI in the work of banks

The use of applied digital tools has already become commonplace in the banking sector. This can be a CRM system, accounting software, and communication systems (for example, a corporate chat), and a website with the integration of call tracking and marketing analytics systems, and other digital business systems. If you think about it, any bank uses IT technologies in business. Even if we take the extreme case of a microfinance organization without a website and CRM, then even maintaining clients in an Excel spreadsheet is also formally using IT systems, and any business cannot do without accounting software and a client bank, which again formally fall under the concept of “business digitalization” . The problem is that all this software requires human intervention, and therefore is subject to the influence of the human factor. Artificial intelligence almost completely automates these processes. Surprisingly, in the near future, he may well replace a cashier, clerk, lawyer and manager at the same time.
Modernizing the company’s processes towards a digital approach – this point is even more interesting. Since we are no longer talking about the formal use of some kind of software, but about introducing a new approach into the processes of the bank. For example, instead of archaic methods of data collection on performance, analysis is being introduced based on the collection of such data by a digital system and their accurate analytics. And the very work with employees can be changed by introducing various metrics and controlling them at the level of digital systems (which are then analyzed by AI). Here you can list a lot of business processes that can be changed by this approach and due to this not so much increase efficiency (although this is possible in the future), but more quickly and accurately see dead zones, disadvantages, advantages and other analytics on internal processes, which will it is worse to identify or even turn out to be “invisible” without a digital approach.
Replacing the traditional approach to physical interaction with digital tools is a point bordering on the previous one, but it has a fundamental difference. If in the case of the modernization of processes in a bank, we supplement the work of people with digital tools and a new approach, then here we either replace people or replace physical (not digital) tools. For example, data that was analyzed by department managers can be redirected to offline analytics by a digital system. The introduction of chat bots and voice assistants will help to replace the work of a manager again (partially or completely). Even interaction with employees can be left to the mercy of bots and other systems, thus unloading the staff and redirecting their work in a different direction. This is another, complex and expensive method of “digitalization”, which, by the way, has been used in factories for a long time (the use of industrial robots). Only now it can be even more difficult to automate work in the financial sector due to new AI technologies. For example, with the help of artificial intelligence, fully automated issuance of loans becomes possible.

As you can see, the work of AI in banks can be very diverse. In fact, any banking business is digital. To do this, it is enough to buy a computer for the office. This alone is not enough to fully meet the challenges of the modern world. Therefore, true digitalization (from the point of view of the 21st century) is not possible without AI. The introduction of AI should become a model for the modernization of any bank in the near future.

One could erroneously conclude that AI in banks is an entirely positive development. But is it? Does this process have any drawbacks, and how to eliminate them by training AI using the methods developed by Sypwai?

Why and how is AI taught?

AI has many shortcomings, like all technologies in principle. This is by no means a panacea, but rather a necessity, since our world as a whole is developing in this direction, and for banks, AI is also becoming a competitive factor.

Many people like to say that AI saves the bank from the human factor – human errors, or their behavior that goes beyond the scope of work processes (for example, if a person is tired, lost concentration, works less efficiently and because of this, he can make a mistake). But the AI itself is also “mistaken”. Only this is a completely different type of error. It is associated not only with bugs in the system (software errors), but also with the fact that, unlike a person, the system (even with AI) currently analyzes strictly within the template. And if you go beyond it, unexpected results may occur (and it is simply impossible to lay all possible variations in the original scenarios). The results can be very dramatic. For example, not so long ago, a scandal erupted in England when it turned out that many employees of one large bank were fired, or even ended up in prison for financial fraud. And this happened due to an error in computer software that incorrectly analyzed the data and produced a distorted result. They believed the system, because in the eyes of the layman “the computer does not make mistakes”, and this, of course, is not so. The result is that many people have suffered, in fact, because of the wrong attitude to technology. This prime example shows that autonomous systems can harm both people and businesses. And the problem here is that the mechanics of their analysis and the rapid identification of such problems are still being formed, and sometimes the bank’s management is simply not able to fully see the picture and react quickly.
“Uncanny Valley” is a term that (if very simplified) describes the negative attitude of a person towards technology. This is especially pronounced when a “robot” replaces a person when working with clients. People immediately ask to be connected with a “live manager”, including because of subconscious discomfort when communicating with an inanimate imitating a living one. Aggressive implementation of AI in communications can optimize processes within the bank. Less costs for managers, better analytics, faster response when contacting, and so on. But alas, in fact, this can lead to a mass refusal of the clients themselves from the service due to discomfort. As a result – the actual harm to the bank, which can even result in ruin. The problem is that AI needs to become more “human”.
Due to the interface, you can manipulate a person. For example, an ordinary user in a difficult moment orders a microcredit. The interface will focus on money, bonuses, speed and simplicity. But at the same time, in place with the user agreement and the agreement on the processing of personal data, a clause on additional partner services will be hidden. It turns out that the client, not knowing about it, signed (and paid) for services that he did not need at all. Entire most complex social mechanics work in social networks, which can also be used to the detriment, manipulating attention or keeping the user as long as possible in the social network (here it is necessary more often to display the maximum amount of advertising, due to which many social networks exist). Not to mention such global problems as the replacement of live communication with digital (in instant messengers and social platforms), which can lead to psychological problems if a person has less live communication because of this. Plus, they are already openly talking about the problems of smartphones, which have made communication at work almost round-the-clock, blurring personal and work in people’s lives (this also adversely affects our psyche, and most simply have not learned to control it on their own). All this can take place with the introduction of AI. It already depends on the approach and the people who implement it and use it for their own purposes.

All these shortcomings can be eliminated by properly training artificial intelligence. Sypwai has developed a special platform for such training. Its methodology is based on the solution of many simple but diverse tasks by artificial intelligence. And the more such tasks, the better. Therefore, the company is ready to cooperate with people of various professions, housewives, students and the unemployed, who are ready to engage in AI training. This is not only interesting, but also well-paid work.