AI solutions for the financial industry.
The financial services sector has recently taken the lead in digital transformation, eagerly embracing the potential of Big Data, Data Engineering, AI, and Machine Learning. Those areas, used to collect, sort, process, analyze, and convert massive, complex data sets into meaningful business insights, are considered a “make or break” factor for traditional finance institutes, constantly threatened by tech-savvy FinTech start-ups.
The potential of AI and Data Engineering is almost limitless. Data – text, numeric, and images – can be used in numerous ways to advance the ability to recognize patterns, anticipate future events, create smart rules, make intelligent, data-based decisions and automated communication with clients. More finance-oriented usages of AI are fraud detection, high-frequency trading, risk management, and investment management, but – as we said above – with AI sky is the limit.
Customer advanced analytics & image analysis.
AI algorithms can conduct in-depth customer analytics, and score and segment clients depending on financial history, current situation, and forecasted economical trends. Based on data, it is easier to deliver personalized, risk-included offerings.
Financial institutions can speed up the verification processes with image analysis. In the finance industry, biometric data from images of customers’ faces can be linked to financial data and used to verify applications.
AI benefits in financial services and insurance.
- Improved customer experience
- Reduced number of potential errors
- Process automation
- Using data engineering for environments
- Using BI solutions to outrun the competition
- Using computer vision for document verification
