AI technology has a wide range of applications in the financial sector.
AI is used in algorithmic trading (trading robots), in customer service, in processing a large array of data on banking operations, financial reporting, etc.
Today a machine can do any work related to processing big data faster and better than a human. So, banks have been carrying out the primary scoring of borrowers automatically for a long time.
Undoubtedly, soon there will be solutions related to the processing of biometric data, and in this matter the capabilities of AI will clearly be much higher and more reliable than that of humans. "
Lending and AI
Many banks make 100% of lending decisions in retail using AI, and 95% of them are formed automatically, without human intervention. They develop technologies for computer vision, language processing, speech analytics, which can reduce time, cost and improve the quality of decisions (accelerating processes tenfold). Banks are using AI to recognize documents and automatically make schedule of employees. They actively use an intelligent control system to automate decision-making processes. AI works in risk management, business planning, and compliance. AI is being introduced to interact with customers through chat bots and form personal offers.
Potential disadvantages
AI mistakes can be costly for banks. They lose thousands of dollars on AI errors. Artificial intelligence tends to make decisions in large systems. A small mistake that has crept into an algorithm can lead to very large consequences.
Examples of AI application
The AI system from Smart Engines is gaining more and more popularity for processing the documents required to form a client dossier. Integrated recognition technologies make it possible to automatically process and enter customer data when opening accounts and performing banking transactions where identity confirmation is required. “Artificial intelligence in 2 seconds recognizes more than 70 details from scans and photographs of documents for each client and performs about 15 automatic data checks.
Another new “location intelligence” technology of the Atlas geographic information system for branch network management. This technology aggregates data on all branches of the bank, assesses the potential and workload, calculates the efficiency of offices based on data on the activity of clients, competing banks, population, traffic on city streets and other statistical information. As a result, the bank has a map for each city of presence with an assessment of the potential for placing a branch at the level of walking distance (100 m).
AI and call centers
AI is also helping to analyze the performance of call centers and telemarketing agents. Thus, Natural Language Processing algorithms and Voice-to-text systems allow identifying key phrases in a dialogue, optimizing scripts for operator dialogs and understanding how accurately an operator follows a script. This allows you to significantly increase the efficiency of the bank's sales.
The use of AI in technologies for analyzing big data and predictive analytics, the spread of neural networks made it possible to revolutionize fintech, develop electronic services that surpass the analytical capabilities of a person.
In your opinion, what else is artificial intelligence useful for? Share your opinion in the comments below! If you wanna learn more or know more you can contact my team or you can jump into a one-on-one call with me right now clicking one of the the below buttons.
He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
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