The 2020s have seen a massive proliferation of artificial intelligence (AI) in virtually every industry and business sector. According to IBM, 42% of enterprise-level companies have already deployed AI, while an additional 40% indicated that they are actively exploring and testing artificial intelligence technology. Nearly 60% of those companies surveyed indicated they’ve accelerated their AI deployments and investments.
Opportunities for AI implementation in finance are many and varied, with lots of room for significant ROI and operational benefits. So, how are banks, credit unions, lenders, and other companies in the financial sector using AI to gain a competitive advantage?
Using AI in Finance for Data Analytics and Insights
Data plays a central role in bank profitability. Beyond numerical data that describes profit and loss, it’s also essential for identifying trends and patterns that impact a banking institution and its clients. Technologies powered by AI and machine learning can be leveraged to this end, deriving insights from these 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 sources such as stock markets and interest rates, to customer data and operational data from within the bank itself. Insights and analytics are extremely important components for maximizing success.
AI Implementations for Financial Predictions
Just imagine the countless possibilities if you could make accurate predictions in the financial space. The ability to predict investment markets alone would be highly lucrative, indeed. This is where AI enters the equation.
Industry leaders can deploy AI-powered technology to create predictions and forecast models based upon trends, patterns and other relevant data. AI implementations 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 earn that sense of trust. Enter: AI.
Technology powered by machine learning can help engage customers, answer questions, and provide recommendations based on an individual’s banking products, payment history, or patterns of behavior in using mobile apps or web portals. AI can be used to display relevant content, recommend changes to an investment portfolio or answer questions in a chat feature.
Machine learning can be used in many instances within the realm of customer service, each of which can offer significant benefits for banks and their customers.
Since the financial space is highly regulated, 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 Charlotte, 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.
