Several companies offer AI-based credit scoring applications to banks and enterprise creditors looking to better understand the risk associated with their potential borrowers. Traditional methods of credit scoring take into consideration the credit histories of potential borrows, but this might not allow certain people access to credit despite the fact that they could pay their loans back when their payments are due.

There are several companies claiming to offer AI document digitization solutions to banks, insurance enterprises, and other financial institutions. companies. We found that these solutions are intended to help financial institutions with at least one of the following business problems:

IDC estimated the size of overall AI-related spending in the banking industry in their Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide report at around $3.3 billion in 2018. It follows that AI would find its way into the banking world. We covered the current state of AI banking applications in the US and India in our previous reports, and in this report, we're going to focus on where AI can be leveraged for customer service applications in banking. This report covers vendors offering software across three functions:

This article was originally written as part of an in-depth AI report sponsored by Iron Mountain, and was written, edited and published in alignment with our transparent Emerj sponsored content guidelines. Learn more about our thought leadership and content creation services on our Thought Leadership Services page.

This article was originally written as part of an in-depth AI report sponsored by Iron Mountain, and was written, edited and published in alignment with our transparent Emerj sponsored content guidelines. Learn more about our thought leadership and content creation services on our Thought Leadership Services page.

Although there are few insurance companies that have sustainable AI systems in place, Accenture estimates that big investments in AI could increase the annual profitability of insurers by 20%. It follows that applications such as chatbots would find their way into the insurance world, especially because we are already seeing a rise in the use of AI for behavioral premium pricing, improving customer experience, and speeding up the claims process. As of now, numerous companies claim to assist insurance agents in aspects of their roles from customer onboarding, to fraud detection, to accessing information.