AI Articles and Analysis in Finance

It can be difficult for financial institutions to keep up with the rapid changes in the digital marketing and advertising landscape. There are numerous factors which are susceptible to change, and they all have an effect on how useful certain marketing strategies are. As the internet and advertising evolve, some companies may find it important to consider an automated solution to driving efficiency in marketing.

Many of the key processes in industries such as banking and insurance are still done on paper. That said, many large enterprises seem to be in the process of digitizing parts of these processes in order to prepare for forays into automation and artificial intelligence. 

There are numerous AI vendors servicing the banking industry, but many of them lack the kind of funding that these five vendors have raised. In this article, we run through the top 5 AI vendors in banking by funding according to information on Owler. We provide an overview of their products and the AI tech that makes them possible.

Money laundering is a financial fraud method unique to what AI vendors and other solutions providers refer to in their “fraud detection” offerings. This is because the technique centers on making fraudulent money transfers that appear to be validated by two willing parties.

Several high-profile banks are leveraging anomaly detection solutions for fraud and anti-money laundering. While some banks and AI firms provide information on how their solution works or how their chosen solution worked for them, it can be hard to determine which ones are successful today. 

Many financial institutions are experimenting with chatbots both for general customer service and for offering new and better financial services to their customers. In addition to banks and insurance companies, other types of financial services companies can benefit from this type of application as well. Financial customers can now check the status of their loan applications and stock portfolios and request refunds using AI-powered conversational interfaces.

Event Title: BankAI 2019

Event Host: American Banker

Date: October 7, 2019 - October 8, 2019

When it comes to process automation, digital transformation leaders are now navigating the artificial intelligence hype. Although AI can yield some impressive results when it comes to digitizing processes that still involve paper and reducing the time customer service agents spend searching for customer information, leaders are perhaps too excited to jump into AI without knowing the fundamentals of what it entails.