Financial Services and Insurance
Over the last decade, IT-driven initiatives have significantly transformed the banking and financial services industry, digitizing, re-engineering, and reimagining routine operations such as financial transactions and accounting practices. With these primary objectives fulfilled, the focus has shifted to achieving higher operational efficiency through data-driven business decisions.
Several factors impede efficiency, but almost all of them are characterized by the limitations of manual work. Document processing, which pervades multiple functions, is heavily dependent on human effort. Customer authentication, onboarding, and servicing workflows are cramped by slow and imprecise analysis of records.
Customer engagement models are ill-equipped to understand customer needs and develop targeted solutions.
AI comprehensively addresses these challenges. Computer Vision and NLP facilitate intelligent document processing; identity verification becomes foolproof with image forensics; chatbots and AI-driven analytics offer personalized service and actionable insights. New, exciting applications are envisioned and created every day, incorporating industry-specific data security, privacy, and resilience requirements while conforming to regulatory mandates. The wide-ranging possibilities unlocked by AI technologies are indeed steering financial businesses into a new age.