Financial services organizations are on the path of revolutionizing their daily operations. With new technologies continuing to emerge, they now have plenty of opportunities to invest their time and resources into strengthening their market positions.
Newest AI-based software features various capabilities from automation to personalized AI assistance. The technology standing behind these features is immense and is developing rapidly.
By leveraging AI-powered software, financial institutions can improve efficiency, reduce costs, and provide a better customer experience.
AI market in the banking and insurance industries is expected to grow at a CAGR of 34.5% from 2020 to 2025.
In this article, we will explore the benefits of AI-powered software in the financial services sector, as well as list the best AI-powered software for the financial industry.
The Benefits of AI-powered Software in the Financial Services Sector
There is a great variety of use cases that serve as an example of how good AI-based technology and services could cover the pains of the financial sector. Let’s focus on the most prominent ones out of the bunch:
Automation
One of the main benefits of AI-powered software for banking and insurance is the ability to automate repetitive tasks. For example, AI-powered software can be used to process transactions, identify fraudulent activity, and provide account information. Not only does this improve efficiency, but it also reduces the risk of errors and allows employees to focus on more complex tasks and building relationships with clients.
Deep analysis of customer data
One more use case of AI-powered software in the financial services sector is the ability to provide personalized service to customers. By diving deep into customer data and interactions, AI-powered software can provide personalized recommendations and financial advice. This will help financial advisors, RMs, and consultants promote data-driven decision-making when it comes to personalized product packages.
Risk Management
AI-powered software can also be used to improve risk management. By analyzing large amounts of data, AI-powered software can identify patterns and trends that may indicate potential risks. This allows financial institutions to proactively address potential issues and reduce the overall risk to the organization. The technology is able to access large pools of data to come up with predictive models based on client behaviors. Equipped with this information, consultants can detect fraud and potential risks in an error-free way.
New Selling Opportunities
RMs and advisors who tap into the AI capabilities can leverage the software to detect speech cues during client consultations that indicate the need for additional services and products. This means that the Financial industry is now better equipped for cross selling and upselling for existing customers and providing a much better buyer experience.
A List of the Best AI-powered Software for the Financial Industry
Unique
Unique has developed a platform that runs on the state-of-the-art AI, including GTP-3 models, that helps banks and insurance organizations automate routine tasks and save 2h 20m of manual work per advisor per week, improve retention by tracking crucial client metrics, and detect new cross- and upselling opportunities.
Personetics
This software provides personalized financial advice to customers by analyzing their financial data and interactions.
Ayasdi
Ayasdi software uses machine learning algorithms to identify patterns in large amounts of data, making it useful for financial crime detection.
LenddoEFL
This software uses AI to analyze alternative data sources, such as social media and mobile data, to evaluate creditworthiness and improve access to financial services for underbanked populations.
AI Is Set to Transform the Financial Services Industry
AI-powered software is revolutionizing the financial services sector by improving efficiency, reducing costs, and providing a better customer experience.
By automating repetitive tasks, providing personalized service, and improving risk management, AI-powered software can help financial institutions stay competitive and meet the evolving needs of customers.