This section focusses on the latest machine learning and AI applications in the banking, financial services and insurance domains. With the rise of big data, cloud computing and the internet of things (IoT), we are seeing a huge surge in AI applications. Banks have adopted these technologies for credit decisioning both in the consumer lending space and SME funding. Banks have already started using chatbots for customer service. AI is being increasingly used for predicting churn and also cross-selling and upselling to existing customer bases. Fraud prevention in credit card transactions is another use case.
In WealthTech, AI is employed for security price predictions as well as fo robo-advisory services thus bringing affordable portfolio advisory services to the masses. Another common application of AI, particularly, Natural Language Generation, is for regulatory compliance.
