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ML and AI in FinTech: Benefits and Use Cases with Examples

Top Use Cases for Generative AI in Banking, FSI, & Insurance

Top 7 Use Cases of AI For Banks

Process automation is an interesting option for businesses looking to hire or outsource their financial processes, as well as for professionals who wish to streamline internal processes. OCR can automatically recognize and extract data from scanned documents and images in a structured way and helps in reducing processing times for each document. Leading lenders, like Ally, are also automating the process of approving the loan and predicting the maximum amount a customer may borrow and the pricing of the loan using AI and ML models. Unfortunately, these benefits of AI in finance and accounting do not come without risks. The bank previously employed a team of lawyers and loan officers who used to spend 360,000 hours each year tackling mundane tasks and reviewing compliance agreements.

Top 7 Use Cases of AI For Banks

This involves monitoring transaction activities, consolidating relevant information, and submitting them to the respective departments on time. Using an AI system trained on such processes will lift the burden of compliance management. For example, bankers use generative AI to analyze customer data and ensure they comply with the Know Your Customer (KYC) Act before approving an account. Digital-savvy consumers look beyond traditional banking approaches; they prefer monitoring their budget on the go and make spending adjustments in real-time. Natural Language Processing and AI-powered chatbots can come in handy to facilitate this trend with personalized financial advice and instant help. This way, financial institutions can also provide better insights for wealth management to their consumers.

DICEUS service offering for banks

Building great client relationships requires banks to provide a tailored experience. AI drives virtual assistants and chatbots, which deliver tailored client care. These AI-powered assistants can manage consumer inquiries, account information, transaction assistance, and personalized financial advice.

Top five stories of the week – 18 August 2023 – FinTech Futures

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Driven by their built-in digital banking capabilities, the craze for mobile baking applications or FinTech apps has increased. Workiva offers a cloud platform designed to simplify workflows for managing and reporting on data across finance, risk and ESG teams. It’s equipped with generative AI to enhance productivity by aiding users in drafting documents, revising content and conducting research. The company has more than a dozen offices around the globe serving customers in industries like banking, insurance and higher education. Scienaptic AI provides including a credit underwriting platform that gives banks and credit institutions more transparency while cutting losses. Its underwriting platform uses non-tradeline data, adaptive AI models and records that are refreshed every three months to create predictive intelligence for credit decisions.

Automated Robo-Advisors: AI’s Role in Personalized Financial Services

AI innovations like machine learning may enhance loan underwriting and lower financial risk for businesses wanting to grow their value. Fintech firms worldwide employ various AI capabilities to increase the efficiency and safety of their operations. One key objective of all these solutions is to boost fintech organizations’ productivity. Your staff will work much less hard if you use chatbots and automation tools for data analysis. Additionally, NLP-driven chatbots enhance customer service by understanding and responding to customer inquiries and complaints, providing a more personalized and efficient experience. AI-driven solutions not only enhance operational efficiency but also provide a more personalized and secure financial experience for customers.

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