AI Articles and Analysis in Finance

It seems that the majority of AI solutions for payment processing are focused on fraud detection and prevention. Some companies claim to offer straight-through processing software as well. Below, we detail four companies that all claim to offer artificial intelligence to banks and payment processors looking for solutions in two key areas:

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. 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 it's clear that AI is only beginning to make its way into the insurance sector, Accenture estimates that big investments in AI could increase the annual profitability of insurers by 20%.

In their recent Worldwide Spending on Cognitive and Artificial Intelligence Systems report, IDC estimated that banking investments in cognitive and AI systems in 2018 might total around $4.0 billion. Many AI vendors claim to offer software for numerous finance use cases, such as credit scoring, insurance underwriting, debt collection, fraud detection, and more recently, financial regulations, or so-called regtech.