AI Articles and Analysis in Finance

The concept of customer experience is reaching new heights with technological advancements. Mobile technology and applications are increasingly becoming part of consumers' lives. The impact of technology on customer experience is growing tremendously. Fintech companies are coming up with innovations to serve customers with the best. One such initiative to bring increased value to customers is open banking. 

With so much competition in the market, it is easy for customers to switch their banking partners. Data and analysis of customers' financial data help banks reduce churn by channeling insights behind personalized solutions and offerings for their customers. Yet the demand for more personalization in financial services hardly stops there.

AI and machine learning are increasingly used across use cases throughout the insurance industry. Examples include automating underwriting, streamlining claims processing, improving customer service, and predicting customer risk.

A cyber attack on a large-scale government IT services provider, SolarWinds, in 2019 allowed the hackers behind it to gain access to various high-profile entities, including email access to the US Departments of Treasury and Justice. The case highlighted that a cyber attack on one company could have drastic ripple effects across vital network systems. 

Banks and banking AI vendors turn to Emerj to help them maximize ROI by allocating their funds to the most high-need areas. Our research also helps them make smarter decisions by identifying the projects that are more accessible and have the highest chance of resulting in near-term financial returns. 

‘Know Your Customer (KYC)’ compliance is what is commonly referred to by a legally-mandated, globally developed set of guidelines to ensure that banks, financial institutions (FIs), and other related enterprises perform due diligence on potential customers. The purpose is to verify customer identity as well as the legitimacy and risk involved with developing and maintaining a business relationship.

Like other legacy and document-dominated sectors, insurance is experiencing a digital transformation with AI as the main driver. AI and machine learning are enhancing everyday insurance processes, including quote generation, claims processing, personalized policy recommendations, claims fraud detection and prevention, and various customer-facing tasks.

Among financial cybercrime, money laundering is among the top concerns of global authorities today. In a poll for INTERPOL's inaugural Global Crime Trend report released earlier this year, 67 percent of nations ranked money laundering as their number one crime threat.