What is artificial intelligence (AI) in finance?

AI in finance can help in five general areas: personalize services and products, create opportunities, manage risk and fraud, enable transparency and compliance, and automate operations and reduce costs.

Machine learning (ML) is a subset of artificial intelligence that enables a system to autonomously learn and improve using neural networks and deep learning, without being explicitly programmed, by feeding it large amounts of data. It allows financial institutions to use the data to train models to solve specific problems with ML algorithms – and provide insights on how to improve them over time.

Convert speech to text to improve your service with insights from customer interactions, such as contact center sales calls, and drive better customer service experiences.

Identify sentiment in a given text with prevailing emotional opinion using natural language AI, such as investment research, chat data sentiment, and more.

Detect anomalies, such as fraudulent transactions, financial crime, spoofing in trading, and cyber threats.

Deliver highly personalized recommendations for financial products and services, such as investment advice or banking offers, based on customer journeys, peer interactions, risk preferences, and financial goals.

Make your content, such as financial news, and apps multilingual with fast, dynamic machine translation at scale to enhance customer interactions and reach more audiences wherever they are.

Extract structured and unstructured data from documents and analyze, search and store this data for document-extensive processes, such as loan servicing, and investment opportunity discovery.

Derive insights from images and videos to accelerate insurance claims processing by assessing damage to property such as real estate or vehicles, or expedite customer onboarding with KYC-compliant identity document verification.

Delight your customers with human-like AI-powered contact center experiences, such as banking concierge or customer center, to lower costs, and free up your human agents' time. Transform personal finance and give customers more ways to manage their money by bringing smart, intuitive experiences to your apps, websites, digital platforms, and virtual tools.

Access a complete suite of data management, analytics, and machine learning tools to generate insights and unlock value from data for business intelligence and decision making.

Use data customer, risk, transaction, trading or other data insights to predict specific future outcomes with high degree of precision. These capabilities can be helpful in fraud detection, risk reduction, and customer future needs’ prediction.

Automate aspects of cybersecurity by continuously monitoring and analyzing network traffic to detect, prevent, and respond to cyberattacks and threats.

Build new AI-powered search and conversational experiences by creating, recommending, synthesizing, analyzing, and engaging in a natural and responsible way. Watch this demo to see how a financial services firm is transforming the search experience for employees. 

AI will help drive financial services growth. Many organizations have gone digital and learned new ways to sell, add efficiencies, and focus on their data. Going forward, they will need to personalize relationship-based customer engagement at scale. AI plays a key role in helping drive tailored customer responses, make safer and more accountable product and service recommendations, and earn trust by broadening concierge services that are available when customers need them the most.

In addition, financial institutions will need to build strong and unique permission-based digital customer profiles; however, the data they need may exist in silos. By breaking down these silos, applying an AI layer, and leveraging human engagement in a seamless way, financial institutions can create experiences that address the unique needs of their customers while scaling efficiently.