The 2020s have seen a massive proliferation of artificial intelligence (AI) technology in virtually every industry and business sector. The financial space is no exception.
Opportunities for AI implementations in finance are many and varied, with lots of room for a significant ROI and operational benefits. So how are banks, credit unions and other companies within the financial space using AI to gain a competitive advantage?
Using AI in Finance for Data Analytics and Insights
Data plays a very central role in bank profitability, as it’s needed to identify trends and patterns that impact a banking institution and its clients. Machine learning-powered AI can be leveraged to this end, generating insights, identifying trends and taking action when certain predetermined conditions are met.
AI and data analytics play well together and this is quite advantageous for banks and other financial institutions since there is so much data in play, from stock markets and interest rates, to customer data and operational data from within the bank itself. Insights and analytics are extremely important components in the recipe for success.
AI Implementations for Financial Predictions
Just imagine the possibilities if you could make accurate predictions within the financial space. The ability to predict the investment markets alone would be a very profitable endeavor, indeed. This is where AI enters the equation.
AI technology can be deployed to make predictions based upon trends, patterns and other relevant data. Artificial intelligence can even be used to take action when certain conditions are met. This is a case where AI pairs well with process automations, making for hands-free operations.
AI Implementations in Bank Customer Service
Good customer service is the key to success in the banking and financial space. Trust is essential and good customer service is how you arrive at that sense of trust and integrity. Enter: AI. Machine learning-powered artificial intelligence can be used to engage customers, answering questions and providing recommendations based upon an individual’s banking products or actions within a mobile app or web portal. AI can be used to display relevant content, recommend changes to an investment portfolio or answer questions in a chat feature.
Machine learning-powered AI can be used in many ways in the customer service realm, all of which can bring significant benefits to a bank and its customers. The financial space is highly regulated so it’s important that your chosen AI development company takes this into consideration as they build your AI solution.
Finding the Best AI Developer for Your Bank or Financial Institution
At 7T, our team of Dallas AI development experts are well-versed in finance regulations and the measures that must be taken to ensure full compliance.
At 7T, we specialize in multimodal machine learning-powered AI applications across several industries such as finance, shipping and logistics, retail and beyond. By working with a top Dallas Digital Transformation development company that has experience working with the newest emerging technologies such as machine learning-powered AI, you’ll maximize your chances of success with quantifiable KPI metrics and ROI.
We have earned a reputation as one of the top Dallas AI development companies, with a Digital Transformation development process that maximizes your chances of success with a problem → solution approach. We’ve found that this works whether it’s a machine learning-powered artificial intelligence development project, business process automations, mobile app development or another form of Digital Transformation. It all begins with a well-thought-out Digital Transformation strategy and a business requirements document that outlines the specs for your project, the user needs and the problems that you’re trying to solve through the implementation and deployment of new technologies.
The Digital Transformation development team here at 7T is guided by the approach of “Digital Transformation Driven by Business Strategy.” As such, the 7T development team works with company leaders who are seeking to solve problems and drive ROI through Digital Transformation and innovative business solutions such as multimodal machine learning-powered AI implementations.
7T has offices in Dallas, Houston and Austin, but our clientele spans the globe. If you’re ready to learn more about AI development solutions for banks and others in the financial space, contact 7T today.