Nuban Institute

Use Cases for AI in Finance

In every sector that use artificial intelligence, it’s a trend that’s spreading across all industries. (AI) is being integrated into daily operations to streamline tasks as well as consolidate data and information and identify anomalous activities. However, AI is most effective in the finance industry, as it’s changing everything from financial planning to loan underwriting, fraud prevention and more.

AI is commonly used in finance to automate repetitive high-frequency, high-frequency tasks. This reduces human errors and allows for resources be used for other strategic tasks. For example robotic process automation can reduce Electric Brain home page the manual data entry process by 50-70 percent and reduce costs. AI can speed up market research, predict investment growth, and evaluate risk by flagging anomalous information and alerting users via real-time notifications.

AI can also be utilized to stop financial crimes and cyberattacks. Fraudulent transactions cost billions of dollars every year. AI can help detect suspicious patterns in large databases. AI can detect fraudulent transactions by using deep learning and other sophisticated algorithm. For instance, when the request for a loan for cars is found to be in violation with the company’s rules.

Furthermore, AI is a crucial component in providing all-hours support to customers, aiding them in navigating their financial services with ease through chatbots and voices. AI-powered virtual assistants permit customers to access information about their accounts, check transaction history, and get personalized insights by simply asking questions in natural language, there is no need to ask complicated questions or transactions codes. These assistants can also give specific and tailored recommendations for additional savings, investments, insurance, and more.

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