AI Articles and Analysis in Finance

The conversation surrounding machine vision can sometimes feel dominated by facial recognition, especially for banking. Banks are necessarily concerned with security and customer service, so it follows that facial recognition, which could help with both, would prove of interest to them. 

The insurance sector is highly competitive, and there seems to be a consensus among experts that customers in the industry favor insurance products that are tailored to their unique needs. Large insurance firms could deliver personalized customer experiences and improve their operational efficiency by adopting AI.

Banks and investment organizations usually have large research teams that are tasked with investigating and monitoring events that might affect financial trading markets. Investment research is a business function in these firms and is a fundamental part of what is required from analysts, equity managers, investors, and traders.

The insurance industry is making use of various artificial intelligence applications to solve business problems, but perhaps the most versatile is predictive analytics. The ability to aggregate data from disparate sources for business intelligence allows business leaders in insurance to inform important decisions across departments.

Episode Summary: Close to a year ago, we had an interview here on the AI in Industry podcast with Jeremy Barnes of Element AI. We visited their headquarters in Montreal, and we'd interviewed Yoshua Bengio a couple years before that.

Decision-makers in the banking sector have a unique set of business intelligence needs, and artificial intelligence has been on the radar of banking executives for several years now. It follows that AI and machine learning would find their way into business intelligence applications for the banking sector.

Facial recognition software is making its way into the mainstream, with consumer applications such as the ability to unlock one’s smartphone with their face. The banking sector has been at the forefront of enterprise adoption of AI since machine learning became the hot topic of the business world in the early years of the decade; as such, it makes sense that facial recognition technology would start to make its way into banking.

There are several companies claiming to offer AI solutions to banks and financial institutions. We found that these solutions are intended to help banking and finance companies with at least one of the following business problems: