It’s nothing new that the next big industrial revolution will be technological and largely left in the hands of robots driven by Artificial Intelligence, mainly NLP and ML. This hi-tech is here to help us do things better increasing, at the same time, business productivity. Therefore, it’s about time for the banking to join in it too.
Most banks are currently seeing that AI will have a great influence in a near future and many of them are already getting on board this AI train. The fact that technological innovations will be the cornerstone of the banking industry is not science fiction anymore. Emerging digital AI innovations assure to smoothly perform current mundane tasks more efficiently by means of tech solutions. When it comes to cost-saving results, banks will make use of self-learning automated platforms while employees will be able to focus more on service innovation leading to a significant business growth. Therefore, it is not surprising that today’s bricks-and-mortar banks are struggling to remain competitive while many fintech companies, as PayPal, are popping up like mushrooms gaining ground in the sector. Still don’t see all benefits banking automation is bringing along? Let’s make it clear:
Main Benefits of AI in Banking
- Improving customer experience. Sure, you are familiar with conversational agents as Siri and Cortana. Those virtual assistants and chatbots can be built by a third-party provider and rolled out on a messaging app. Nevertheless, not all chatbots have enough skills to correctly understand and process human requests. Just well-trained chatbots can produce epic savings by automating those time-consuming tasks. Banking activities will notably change by implementing an AI platform that’ll get better, the more the customers interact with it. Consequently, these interactions between clients and a (bank) bot will be customized and banking will be made easier and on the go. One example of an AI bot is Nina, the virtual assistant used by the Swedbank to attend customer requests in a conversational way. In this aspect, Bitext NLP tools would be quite helpful to make a bot truly conversational and not to lose any potential consumer.
- Forecasting and detecting fraud. Every day tons of unstructured data are being produced overall: from Reuters’ daily financial news to Wall Street research documents including those dozens of e-mails received every minute by financial services professionals. There is a so-called Big Data carrying out important financial information that can be processed by an AI system in a more efficient way than if it were made by humans. An automated analysis of all this useful information can be a huge help when it comes to detect fraud or make predictions, for instance. Together with one of the Big Four, Bitext built a system that monitors trader chat conversations and issues alerts of potentially fraudulent intent. The system flags sentences where the main verb indicates an illegal activity about a financial product or index as in ‘lower our fixing, please’ so that fraud can be automatically detected.
- Enabling easier searches. Banks and other financial institutions have a lot of internal company data at disposal to be looked up for decision-making processes or even for marketing campaigns. With the help of a Natural Language interface, they will be able to easily access their database just by asking a question. For a leading financial news provider, Bitext developed a chat-based search interface for their wealth management news product. By adding a conversational layer on top of the existing sophisticated API-based search capabilities, the system allows users to request news on specific topics, even if they use complex linguistic phenomena such as coordination and negation.
As you can see, these case studies of Natural Language in the finance industry visibly show how many leading companies in the sector are already benefiting from the all the possibilities AI offers to their businesses. Automation means efficiency and its application is not rocket science anymore. Remember, it is never too late to start innovating: take advantage of Bitext solutions and schedule a demo with us.