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Artificial Intelligence
Impact of AI on Banking & Insurance (2 Exciting Use Cases)
Digital transformation is taking the financial industry by storm. Artificial Intelligence and Machine Learning are the red-hot technologies transforming the sector, reeling under the pressure of managing customers and their data. Finance is a process-heavy industry and produces a lot of data. The industry has struggled to improve its data management over the years, yet failed due to lack of systems and tools. The real challenge is managing the data with the current systems, tools, and processes. Now, the invasion of AI and ML has enabled Finance companies to improve their end-to-end processes and data management. And the technologies are helping greatly improve the Finance company’s performance, efficiency, and customer satisfaction. With many benefits to offer, companies are heavily dependent on these futuristic technologies. Here are some of the challenges the industry faces daily. Managing customer data Adjusting strategy to improve customer satisfaction Making quick and decisions Enticing customers with offers and discounts Engaging customers Serving customers Risk management Detecting fraudulent activities Improving customer retention rate Enhancing customer satisfaction, etc. Consider any finance-based company – Banks, Insurance, etc., that faces the above-stated challenges daily and looks for solutions to negate them. Before diving deep into understanding the impact of AI/ML in the Finance Industry, let’s throw light on their growth across different verticals.
Gengarajan PV
January 19, 2023
5
min read