Question

A regional bank implemented an automated solution to streamline their operations for receiving and processing checks/cheques. They would like to further enhance the solution to recognize signs of potential check fraud and alert their security teams accordinglyA regional bank implemented an automated solution to streamline their operations for receiving and processing checks/cheques. They would like to further enhance the solution to recognize signs of potential check fraud and alert their security teams accordingly.
Which technology could be combined with the current solution to do this?.
Which technology could be combined with the current solution to do this?

Answer 1

Machine Learning will help to enhance the automation process of receiving and processing checks/cheques.

The following reasons why Machine Learning will enhance the process of cheques collection are:-

• Machine learning is advanced computer learning programming that uses a database management system or DBMS to keep a track or record of millions of daily chacks which are received and issued in the bank.
• This humungous task is cannot be achieved by human capacity.
• This requires proper storage and processing of data which is easily done by Machine Learning.
• This will also reduce discrepancies in terms of fraudulent activities.
• Machine Learning technology is thus best suited for handling such activity of cheque collection in the bank.

Answer 2

Answer:

Machine Learning

Explanation:

• Checks and cheques are received and processed more efficiently by the bank thanks to machine learning.
• Machine learning is a subfield of artificial intelligence that enables data and software applications to produce correct results.
• It is essential to the financial sector, particularly to the banking sector.
• Machine learning identifies the valid and illegitimate transactions based on the algorithms.
• Identifying fraud that occurs during transactions is helpful.
• As a result, the risk is decreased.

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