Economics · Banking Technology

Consider the following statements regarding the integration of technology in retail banking: Statement 1: The integration of AI in retail banking has shifted customer engagement from reactive service to proactive financial management. Statement 2: NLP-powered chatbots and virtual assistants can resolve up to 80% of routine queries without human intervention. Statement 3: Machine Learning models are used for real-time credit scoring to offer loans to previously underserved customers. Statement 4: Robotic Process Automation is primarily used to replace the board of directors of a bank for strategic decision-making. Statement 5: AI-driven fraud detection systems can analyze billions of transactions in milliseconds to block fraudulent activities. Statement 6: AI-powered robo-advisors offer low-cost, automated wealth management based on the user's risk profile. Statement 7: The use of technology in banking is strictly limited to urban areas due to lack of rural internet access. Which of the statements above are correct?