Explanation:
The correct answer is B.
AI applications using pattern recognition have permitted online check deposits, minimizing the need for customers to physically visit bank branches. This technology has enabled customers to deposit checks by capturing their images using mobile devices, thereby offering an innovative solution that enhances user experience and operational efficiency.
A is incorrect. The replacement of personal identification with facial recognition technology at bank branches has not been mentioned in this reading.
C is incorrect. There is no specific mention in this text of AI automating the entire underwriting process to allow for instant loan approvals without human oversight.
D is incorrect. Although AI has the potential to impact virtual currency transactions, the document singles out pattern recognition for check deposits as a noteworthy convenience added by AI.
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Q.5640 In the evolution of AI within the banking sector, one type of AI application has been crucial for tasks that traditionally required physical interactions. What is one notable application of AI that has introduced significant convenience for bank customers?
A
AI has replaced the need for personal identification at bank branches with face recognition technology.
B
AI applications using pattern recognition have permitted online check deposits, minimizing in-branch visits.
C
AI has automated the underwriting process, facilitating instant loan approvals without human evaluation.
D
AI has majorly been used for virtual currency transactions, entirely replacing physical cash exchange.
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