There are many examples of AI in finance, as AI can help the financial industry streamline and optimize processes, create new opportunities, and manage risks and challenges. Here are some of the areas where AI is used in finance:
AI in Finance
Customer Service
AI can power chatbots that allow banking customers to access account information quickly and efficiently, 24/7. AI can also use natural language processing (NLP) to understand customer queries and provide relevant answers. For example, Bank of America has a virtual assistant called Erica that can help customers with various tasks, such as checking balances, paying bills, and sending money.
Cyberattack Prevention
AI can use data science to analyze patterns and trends and alert companies to unusual activity. AI can also help detect and prevent fraud, financial crime, spoofing, and cyber threats. For example, Vectra AI uses AI to detect and respond to cyberattacks in real time, by monitoring network traffic and user behavior.
Credit Decisions
AI can help banks and credit lenders make smarter underwriting decisions by using various factors that more accurately assess borrowers. AI can also help reduce bias and discrimination in lending practices. For example, Scienaptic AI uses AI to provide advanced credit analytics and assessment, by leveraging alternative data sources, such as social media, mobile data, and behavioral data.
Recommendations
AI can deliver highly personalized recommendations for financial products and services, based on customer journeys, peer interactions, risk preferences, and financial goals. AI can also provide investment advice or banking offers that suit the customer’s needs and expectations. For example, Betterment uses AI to provide robo-advisory services that help customers plan, invest, and manage their money.
AI can make financial content and apps multilingual with fast, dynamic machine translation at scale. This can help enhance customer interactions and reach more audiences wherever they are. For example, Google Cloud offers AI-powered translation services that can translate financial news, documents, and websites into different languages.
Document Processing
AI can extract structured and unstructured data from documents and analyze, search, and store this data for document-intensive processes, such as loan servicing and investment opportunity discovery. AI can also help automate and streamline document workflows, such as invoice processing, contract review, and compliance checks. For example, [Ocrolus] uses AI to process financial documents, such as bank statements, pay stubs, tax documents, and more, to determine loan eligibility.
Image Recognition
AI can derive insights from images and videos to accelerate insurance claims processing, by assessing damage to property, such as real estate or vehicles. AI can also expedite customer onboarding with KYC-compliant identity document verification. For example, [Lemonade] uses AI to process insurance claims, by analyzing images of damaged items and verifying the customer’s identity.
Conversations
AI can delight customers with human-like contact center experiences, such as banking concierge or customer support. AI can also lower costs and free up human agents’ time, by handling common and repetitive queries, and escalating complex issues to the right person. For example, [Capital One] uses AI to power its conversational assistant, Eno, that can help customers with various tasks, such as checking balances, paying bills, and disputing charges.
These are just some of the examples of AI in finance, as AI is transforming the way people interact with money. AI can help the financial industry improve its performance, efficiency, and customer satisfaction
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