Trending AI in Banking Context
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.
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.
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.
The financial sector was one of the first to start experimenting with machine learning applications for a variety of use-cases. In 2019, banks and other lenders are looking to machine learning as a way to win market share and stay competitive in a changing landscape, one in which people are no longer exclusively going to banks to handle all of their banking needs.