AI Articles and Analysis about Business intelligence and analytics

Our AI in Banking Vendor Landscape and Capability Map report details the state of various AI approaches and capabilities within specific banking functions, measuring them on their level of funding, evidence of ROI and adoption at large banks, and more. In this article, we discuss how and where banks are using natural language processing (NLP), one such AI approach—the technical description of the machine learning model behind an AI product.

Episode Summary: Prominent technology companies like Google and Amazon lead the way in the B2C world, having access to streams of searches, clicks, and online purchases. They have access to large volumes of consumer data points numbering in the billions that can be used to train machine learning algorithms.

Tech Provider: Predii - a company which specializes in building AI platforms designed for repair and maintenance services in the industrial equipment and automotive sector

Natural language processing, (NLP) is one AI technique that's finding its way into a variety of verticals, but the finance industry is among the most interested in the business applications of NLP. In fact, according to our AI Opportunity Landscape research in banking, approximately 39% of the AI vendors in the banking industry offer solutions that involve NLP. 

A recent PricewaterhouseCoopers study revealed that the global market for drone-powered business solutions was valued at $127.3 billion in 2016. For agriculture, prospective drone applications in global projects were valued at $32.4 billion.

We previously covered the top machine learning applications in finance, and in this report, we dive deeper and focus on finance companies using and offering AI-based solutions in the United Kingdom. The UK government released a report showing that 6.5% of the UK's total economic output in 2017 was from the financial services sector. As of now, numerous companies claim to assist financial industry professionals in aspects of their roles from portfolio management to trades.

Reuters referenced a Stratistics MRC figure estimating the size of the business intelligence industry around $15.64 billion in 2016. It follows that AI would find its way into the business intelligence world. In our previous report, we covered 6 use-cases for AI in business intelligence. As of now, numerous companies claim to assist business leaders in the finance domain, specifically, in aspects of their roles using AI.

The banking and financial sectors are among the top five applications for artificial intelligence across the globe. With India seeming to have woken up to the potential of AI, we decided to cover the developments in the Indian artificial intelligence sector. We then researched the use of AI in the Indian financial services market to better understand where AI comes into play and to answer the following questions: