AI Articles and Analysis in Finance

AI software for corporate banks is not too different from those for retail banks, although their data requirements and intentions for the software will differ. AI vendors currently selling to banks typically have clients covering all types of banking, but few specify any of their solutions to be for corporate banking specifically. Instead, they market themselves across the entire industry and give corporate banking details where appropriate.

There's an entire artificial intelligence ecosystem for enterprise search. Most of this is in a purely digital world. Most vendors help with a layer of AI-enabled search that understands terms or phrases and is able to return the results or answers to questions that someone types in. But the problem is compounded when it comes to searching the physical world.

Large banks deal with millions of documents every day across their corporate offices and numerous branches. Although one might assume that these documents are digital, in many cases, even the largest banks store old physical documents in file cabinets and boxes off the bank’s premises, and even those that are kept on-site might be relegated to storage units amongst hundreds of thousands of other documents.

Credit card companies could make use of AI applications across multiple business areas. AI-based fraud detection is among the most widely discussed AI applications in the financial sector, and it seems to work for credit cards similarly to how it works for banks. Additionally, credit card companies and financial institutions could use AI software to improve customer service and develop customer-targeted marketing campaigns.

Many business processes in retail banking are ripe for automation with AI. All types of banks may appreciate the use-case of payment processing automation and fraud detection, but retail banks may also benefit from automated credit scoring and customer service chatbots.

Event Host: Harvard Univesity

Date: April 12, 2019

Team Member: Daniel Faggella, Emerj Founder and CEO

Optical character recognition (OCR) is a subset of machine vision technology that focuses on recognizing written letters and characters and reproducing them digitally for later use. This opens up many possibilities for the banking industry, including some security solutions, and notably, document digitization.

Since the early 2010s, major banks have used anomaly detection - an AI technique for identifying deviations from a norm - for automating fraud, cybersecurity, and anti-money laundering processes.