Finance Organizations Require a Range of AI Tools

Summary Bullets:

R. Bhattacharyya

• Financial organizations are using artificial intelligence (AI) in multiple ways, including to improve service, better understand customers, gauge risk and predict market movements, and speed claims processing.

• Recent results from GlobalData’s 2021 ICT Customer Insight survey reveal that between 25-27% of digital spending by companies in finance will go towards artificial intelligence and machine learning.

For years the finance industry, which encompasses organizations in financial services, insurance, and banking, has been a strong adopter of AI. Financial organizations are AI in multiple ways, including to improve service, better understand customers, gauge risk and predict market movements, and speed claims processing. For example, chatbots and natural language processing (NLP) assist with customer support, optical character recognition (OCR) helps with the ingestion of information from documents, computer vision analyzes images and videos to speed claim processing, and machine learning (ML) models assess risk, detect fraud, and help determine rating and pricing.

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