Financial Services
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All Financial Services AI Use Cases
Accelerate claims processing by automating processesAccelerate identification and protection of intellectual propertyAccelerate identity verification for new and existing customersAnalyse call content post-callAnalyse credit risk of individual customersAnalyse credit worthiness of under-banked individuals to provide banking servicesAnalyse legal documents and extract important data points and clausesAssess asset valuations in financial marketsAssess building damage from weather or natural disasters with drones and satellite delivered imageryAuthenticate individual identification through voice recognitionAutomate and simplify ID process involved in Know Your Customer (KYC) process for banksAutomate assessment of claim through accessing photographic dataAutomate building systems to reduce energy costs through AI powered adaptive temperature and energy controlAutomate collection of banking data from non-standard documentationAutomate contract due diligenceAutomate credit risk profiling to support fundraising by small businesses through crowdfunding platformAutomate customer service conversations through a text chatbotAutomate customer service disruption alertsAutomate cybersecurity systemsAutomate document productionAutomate generation of reports including basic research materialAutomate interaction between insurance agent with insurance company through chatbot functionalityAutomate interviewing via video to scan for pre-determined characteristicsAutomate investment decisions without human interventionAutomate key workflow steps in the M&A processAutomate payroll and related employee remuneration processesAutomate personal finance management such as sending loan payments automaticallyAutomate prioritisation of potential sales leadsAutomate property manager role with chatbot acting as concierge and interacting with tenantsAutomate real estate agent interaction with potential clientAutomate reconciliation of financial statements of related legal entitiesAutomate sales conversations through a conversational agentAutomate sales conversations through a text chatbotAutomate through a robo-advisor client portfolio investments and rebalancing recommendations based on defined investment strategiesAutomate users'' investment portfolio recommendations through a robo-advisorAutomate with robo-advisor portfolio composition and rebalancing decisions and trade execution in real-timeAutomatically classify businessesAutomation of documentation steps for IPOsCodify expertise for automated deploymentCollate, visualise and explain marketing analyticsCompose and conduct market researchCreate more personalised insurance pricing based on actual monitored customer behaviourCreate tailored emailsCreate text based content optimised for customers and consumersDeliver "digital human" conversational interface with customers in physical locationsDeploy robots to replace human staffDetect invoice redirection fraudDetect potential insider trading through monitoring data flowsDetect potentially fraudulent or nefarious usersDetermine optimal moment to bill accounts for missed paymentsDetermine treasury or currency risk situationDetermining threshold level at which to flag compliance risksDevelop enhanced or new insurance proposition based on monitoring actual behavioursDigitise and automate processes using Robotic Process Automation (RPA)Discover new complex interactions in the financial system to support better risk modelling and stress testingEnable enhanced retail customer experience and service through chatbotsEnhance agricultural insurance through prediction of plant health and crop yields with drones and AIEnhance business relationship management through generating customer insight and personalised recommendationsEnhance customer underwriting risk predictionsEnhance insurance customer fraud detection by assessing behavioural dataEnhance life insurance by improving life expectancy prediction and underwriting risk by analysing selfiesEnhance life insurance by predicting lifestyle risks based on habits identified from social mediaEnhance motor insurance by predicting driving behaviour through the use of language in Facebook postsEnhance prediction of natural disaster insurance risk and adjust premiums (with mapping and AI)Enhance product and service offeringEnhance risk modelling and stress testing by discovering interactions in the financial systemEvaluate and advise the most appropriate product and supplier to meet consumer needEvaluate customer credit risk by capturing consumer behaviour during online application processEvaluate customer credit risk using application and other relevant data for faster and more efficient decisionsEvaluate investment opportunities in early stage companiesForecast asset pricing based on market patternsForecast macroeconomic variables based on government, proprietary and public dataGenerate actionable analytics from sales callsIdentify and categorise known customers when they enter physical retail site to ensure prioritised serviceIdentify and manage money laundering risksIdentify and manage potentially fraudulent activityIdentify and sell new mass market insurance consumer productsIdentify customer emotional sentiment in branch using facial expression analysisIdentify fraudulent activity using unusual payment transaction patterns and other dataIdentify health insurance claims that were inappropriately denied by insurance companiesIdentify most profitable consumersIdentifying new customer growth segments and opportunitiesImprove addresses or bar codes recognition in mail sorting machines to improve efficiency and reduce data capture errorImprove administrative productivity with Robotic Process AutomationLower the loss ratio for insurance companies through portfolio managementManage brand reputation by scanning social media to discover references to the company or products or key individualsManage cybersecurity threats and regulatory reportingManage premium and risk pricing for underwritingMap communications across the organisation to improve team productivityMap physical behaviour and interaction across the organisation to Improve team productivityMatch patients with the right doctor for insurance purposesMonitor and analyse interactions with customers to flag compliance risksMonitor and measure employee digital media access to support productivity improvementMonitoring voice calls by traders to test for signs of wrong-doingNurture leads through automated email and bot communicationsOffer users alternative investment portfolio options based on user-completed risk profile surveyOptimise aggregate marketing mix and marketing spendOptimise building management including space management, health and safetyOptimise customer acquisition targetingOptimise domestic or office environment with better interior design or dynamic mood-reflecting decoration
Financial Services Case Studies
A large european bank identifies issues in post-trade operations by analysing mailboxes with the use of machine learningANZ bank identifies high risk loans and predicts customer defaults with deep learningAXA UK saves 18,000 people hours in six months by deploying bots to handle repetitive tasksAXA used deep neural networks to increase the predictability of a customer large traffic accident from 40% to 78%Admiral automobile insurance planned to offer discounts to drivers based on data in their Facebook profiles but were prevented by FacebookAegon monitors spokespeople, competitors and industry topics using machine learningAidyia fully automates hedge fund trading using genetic evolutionary and other algorithms claiming a 2% returnAllstate is offering pay-as-you-drive plans based on measurement and analysis of customer real-time driving behaviour resulting in up to 30% reduction in premiumsAmerican Express Australia used machine learning to identify 24% of customer accounts that would close within four months allowing them to take preventative save actionsAmerican Express identifies $2 billion in potential annual incremental fraud incidents with machine learningAmerican Express increased new online customer acquisition by 40% through machine learning targeted marketing savings significant direct mail costsAn Anonymous UK Insurance firm demonstrates that it can better assess the risk of insuring companies by automatically determining relevant UK court cases with deep neural networksAn anonymous global insurance company analysed customer contact recordings and claims data to drive sales yields using natural language processingAnt Financial automates vehicle damage assessment to assist automobile insurers using image recognitionAviva accelerates from 400 to 10 days post-merger organisational planning and employee data integration with the use of machine learningAviva offers up to 30% discounts on insurance premiums based on actual driving behaviour that is monitored and analysed through machine learningBaidu does underwriting for consumers with limited credit history using machine learningBaillie Gifford investigates the potential of AI to improve efficiencies through automating fund manager''s tasksBank of America enhances its published currency research with machine learningBank of America improved call centre completion time by 23% by tracking and analysing behavioural data with machine learning that identified employee performance increases when they network and share ideasBank of England analyses limit order book data using machine learningBank of NY Mellon reduces processing and trade entry turn around time by 88% and 66% respectively using robotic process automation.Bank of the West announced implementation of Pindrop''s machine learning fraud detection software in its call centresBankMobile approves loans for young banking customers based on non-traditional data measures using Upstart''s machine learningBarclays automates processing and reduces bad debt provisioning by millions using Robotic Provision AutomationBarclays reduces telephone banking user authentication time to under 10 seconds using voice identificationBlackRock chooses investment opportunities to add to its portfolio based on AI recommendationsBloomberg has piloted a short term market forecasting application which uses deep learning to make predictionsBlue Cross Blue Shield predicts individual propensity for opioid abuse with 85% accuracy to modify insurance pricing and support appropriate interventions using machine learning analyticsBradesco bank increases customer satisfaction and service efficiency by implementing a virtual agent to aid employees and automate responsesBranch grants loans to app users based on alternative data including contacts, social media, and call history and machine learning to assess credit riskCCC Information Services predicts repair requirements from vehicle collision photos using AICardlytics drives 15-20% response rates to personalised promotions by machine learning analysis of the purchase history of over 100m consumersCastle Ridge Asset Management identifies and rebalances portfolio investments among diverse asset classes using machine learningCenturyLink uses email based conversational agents to automatically contact, nurture, qualify and assign hot leads to sales reps with a 2000% ROIChime decreases basis point loss by 40% using a machine learning fraud detection platformCiti reduced cost, time and reliability issues in the delivery of the complex stress test models needed for regulatory compliance through deploying ML to support the processClearbank combats fraud and money laundering with the use of machine learningClick-Ins to detect and automatically assess car damage with the introduction of a visual recognition and matching toolClient post trade equity allocation automatically generated from client emails at UBSColumbia Business School researchers determine that unusual language in news stories can forecast future market stress through natural language processingCommerzbank attempts to cut research costs by automating analyst reports generationCommerzbank plans to automate 80% of pre-compliance checks for trade finance transactions using machine learningDBS automates responses to 82% of their Digibank customer questions using the KAI chatbotDGI improves customer service by providing portfolio commentary generated using natural language processingDNK protects its system from cyber threats and proactively defends it with a self-learning threat detection solutionDai-ichi Life enhances customer engagement and nudgee them towards healthy habits using app and machine learningDanish Danske Bank increases payment fraud detection by 60% and reduces false positives by 50% with machine learningDankse Bank identifies fraudulent online banking customers with 99.7% accuracy in a pilot with the BehavioSec behavioural biometrics systemDanske Bank improved marketing campaign hit rate by 400% by using machine learning to identify preferred means of communicationDanske Bank plans to determine liquidity risk using Bloomberg''s machine learning product LQADanske Bank prevents card fraud with the use of machine learningDataminr''s alerts its customers in real-time about events that could potentially impact the financial markets by using text mining to collect data from social mediaDeutsche Bank automates 30 to 70 percent of back- and mid-office processes using robotics process automationDeutsche Bank implements AI trading platform for predicting equity prices and volumeDirect Line Insurance uses machine learning to automatically flag fraudulent claims in automotive section with 75% hit rateEarnUp automates loan repayments by analysing customer needs and spending patterns using machine learningEarthport Payment Network reduces false positives of automated suspicious transaction detection using AML risk data in real-timeFSB saves loan application time for b2b lending using algorithms to match borrowers with lendersFord Credit improves customer loan risk predictions over traditional credit risk scoring using machine learningFreshfields Bruckhaus Deringer identifies discrepancies in rent contract documents and collections during real estate investment due dilligence using automated contract analysisFukoku Mutual Life Insurance expects to save $1.2m a year from salaries by replacing 34 employees with an AI system that calculates insurance payouts.Funding Circle provides the only access to finance for 21% of its SME users SMEs by using machine learning in loan underwritingGMI Insurance Services monitors employee activity to identify malicious activity and other sources of productivity decline using machine learningGV evaluates new and follow-on investments using machine learningGoldman Sachs has automated half of the 127 process steps in their IPO business process.Goldman Sachs unsuccessfully predicted participants of the World Cup 2018 finals by crunching team data with machine learningGoldman Sachs widens graduate interview pool, and streamlines the processing of them, with first round job interviews conducted using video analysisHSBC reduces false positives for money laundering detection by 20% using AI to automate the system rulesHSBC tests automated information extraction system for global trade contractsHSBC to implement Quantexa''s AI software to aid with compliance in identifying illegal and fraudulent customer profilesHSBC uses artificial intelligence to help spot money laundering, fraud and terrorist funding in its networkHang Seng Bank improves customer experience through chatbots using NLP to assist customersHolvi reduces time spent investigating false positives for customer risk using AI platform ComplyAdvantageING automates its compliance and sanction screening processes with optimal character recognitionING reduced trading costs by 25% and sped up pricing decisions for 90% of trades in a pilot implementing an AI system to analyse trade data and optimise price suggestionsInsurance company improves the previously manual mail sorting process with Dataiku''s deep learning systemInvestec achieved a 32% return on implementing an automated research platform from Squirro which generates insights from real-time dataJ.P. Morgan pilots an online virtual assistant for corporate clients to assist with queries and website navigationJD.com increases customer loan approval rate by 150% using Zest Finance''s machine learning platformJLL plans to roll out Leverton''s automated contract analysis and management to make its lease management system more efficientJP Morgan Asset Management, Credit Suisse and Pfizer are using smart search engine to scan through thousands of documents, generating reportsJP Morgan to cut hedging costs for commodity derivatives by up to 80% using machine learningJPMorgan Chase Research improves long/short performance by up to 0.5% by identifying sentiment and locating idiosyncratic risk in news itemsJPMorgan Chase sped up loan application and approval process for small businesses using AI-powered OnDeck to analyse a variety of online dataJPMorgan reduced lawyers'' hours by 360,000 annually by automating loan agreement analysis with machine learning software COINJPMorgan''s new AI program for automatically executing equity trades in real-time out-performed current manual and automated methods in trialKanetix increased auto insurance conversion transaction rates by 13% using a predictive platform to target usersKingsbridge Grand saves over $64,000 by reducing building energy consumption by using AI to make HVAC adjustmentsKreditech determines credit worthiness of thin file customers by analysing the way they use internet, social media data, location data and past behaviour, using machine learningLV= Brokers reduces the call volume from brokers by 91% by piloting a chatbot for queriesLapetus is tests a platform to assess smoking status and other health indicators using selfies for insurance purposesLendUp has built a machine learning driven platform to encourage debt holders to make payments using personalised reminders, offers and repayment plansLexSet is launching its platform of products using computer vision and AR for interior design to suggest new furnishings and demonstrate how they would lookLiquidnet assists fund managers in decision making by analysing market and past trading data with machine learningMS & AD Insurance Group detects 2.5 times more fraudulent claims than industry average using machine learningMan Group extends AI models to four large funds for predicting financial market pricing and riskMashreq to provide seamless digital customer experience and improve operational efficiency through robotic process automation and machine learningMastercard achieves 11% increase in transactions approval and a reduction in fraud with the use of deep learningMetLife