Artificial Intelligence in the finance industry

You wake up, reach for your Smartphone and unlock it by using the facial recognition feature. “open the unread email”, you  order to the personal assistant in your phone, and so it begins another working day. You may or not know this, but withins these little daily tasks that we take for granted, we are

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You wake up, reach for your Smartphone and unlock it by using the facial recognition feature. “open the unread email”, you  order to the personal assistant in your phone, and so it begins another working day. You may or not know this, but withins these little daily tasks that we take for granted, we are interacting with Artificial Intelligence (AI). The advances in technology and science have played a big part in AI becoming an integral part in the daily lives of a big part of the population worldwide. A good example of this, are the apps that many of us have in our smartphones, were Artificial Intelligence plays a crucial part in giving us solutions. Before continuing, lets see what AI really is.

We can define Artificial Intelligence as an multidisciplinary area, because besides of being closely related to the computing world, its development is based on integrating knowledge from other fields such as logic, natural sciences, biology and many others. IA simulates actions from human intelligence that are carried out by machines and computer systems, all of this with the goal of making daily tasks easier and faster to achieve.

AI and the finance sector

As we’ve learn, AI’s goal is to make life easier. Whether in a videogame or an app that can show us traffic and routes in real time, we get a lot of benefits from AI. So it’s understandable and logic that many industries would want to take advantage of it, such is the case in the finance industry, which is going through a tech revolution that is changing the way Banks operate and the services they are offering, all of this in benefit of both the companies and the customers. Some of the aforementioned benefits include

  • Development of new services and products
  • More functionality for workers and customers
  • Time saving and a better service experience

Also, there have been improvement in aspects such as safety and fraud prevention, because the big data analysis allows to detect patterns that alert on potential frauds that could be commited. Also the daily operations have become more agile, allowing the companies to save money.

Next, we’ll talk about three successful examples of AI integration in financial companies.

Bank of America, Capital One and the chatbots

Erica is the personal assistant for the customer of Bank of America, it is a bot that use text messages and voice to help them make finance decisions. It is also capable of designing a savings plan for the user based on the analysis of incomes and expenses of the account.

Eno is not so sophisticated, but no less functional The Capital One customers count on him and his text message system to stay updated in all things related to payments, transferences, due dates and all of the movements linked to their account.

Zest Finance and the big data analysis

This FinTech has been able to decrease risks and save time and money in their operations. The key is the analysis of the customer data, which is matched against similar profiles to determine the feasibility of the loan. It basically creates credit profiles with no need for brokers, saving time and money.

Mastercard and the technology against bank fraud

Decision Intelligence is the name given to this AI technology developed by Mastercard, which allows real time transactions, and also is capable of making an analysis of the patterns of use of the credit card by the customer. Decision compares each new movement with the previous ones to detect any anormality and prevent fraud.

Bien Para Bien and the AI working towards financial inclusion

Since we’re a FinTech, it’s a given the fact that we use technology and AI in our daily operations and services. The main example of this can be seen whenever a potential customer begins the process of a credit application in our website. We’ve integrated a machine learning engine represented by an avatar that simulates an interview and evaluates the behavior of the user with the purpose of acquiring relevant information that can help determine the risks of giving the loan.

María, at your service

With the purpose of offering an easier, safer user experience, and facilitating financial inclusion, Bien Para Bien has integrated María, a machine learning engine with facial and voice recognition software that will help gathering valuable information related to the risks of approving the loan.

It’s our pleasure to invite you to the presentations of our AI engine, scheduled for July, 16th, on Facebook live streaming. We’ll give a deeper insight on this new technology and the way it works and how it’ll help us offer a better service.

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