Deep dive data development.
It’s here and it’s now…
Artificial Intelligence is already transforming Financial Services, and on many fronts. In many ways, Banking and Finance seem to represent the perfect use case of AI, being an industry based on monetary, consumer and trading data varieties. It’s unsurprising that pioneering companies have been quick to adopt technology that can measurably deliver competitive advantage.
In a sector where speed of action is key, AI’s ability to mine data to predict market movements, or rapidly identify a change as it happens, is clearly valued. But this is just a small example of the potential that Artificial Intelligence holds for the sector.
AI has its uses for making trading more profitable, of course, but of even greater interest to many financial institutions we talk to is its potential to help identify and mitigate against fraud and other criminal activity.
The speed and complexity of the financial sector can mean policing financial trades and monetary movements can be difficult: money moves between accounts, across borders and through jurisdictions quicker now than ever before, placing even more emphasis on response times and transactional efficiency.
The consumer vision of AI in banking may be one of chatbots and virtual assistance, but in reality, it’s unlikely that the average customer will know the extent to which AI will be working behind the scenes on their behalf.
AI has the power to, not only self-improve and optimise digital processes, but significantly add value to the customer experience, by leveraging Neural Networks to better understand how and where they spend their money. That means swifter decisions can be made about credit ratings and payment options, intelligence can be brought to validation of card purchases, and potentially provide guidance on best choices of financial products such as mortgages.
Actively draft, track and manage changes in legal documents, link automatically to related papers and apply learnings from precedents. Taking the strain out of mundane, repetitive paperwork and speeding up business efficiency.
AI tools guide lawyers in analysing large IP portfolios and drawing insights from the content.
Within any large organisation, data is often unstructured, held in multiple silos, or in places not easily accessible by the team. AI removes this obstacle by proactively identifying relevant datasets across your entire IT estate.
Leveraging game theory and deep statistical analysis, AI can help inform the decision as to whether to invest in or divest an asset.
Remaining compliant is key and AI can learn your compliance responsibilities at a global and regional level. Automate the application of appropriate tools to ensure your processes, staff and partners comply with those responsibilities.
AI helps to rapidly understand any situation by analysing past events and communications trails, enabling bankers to advise and communicate with clients more confidently.