Thanks to AI-powered robo advisors, wealth management is no longer restricted to high net worth individuals. Elsewhere in the finance industry, AI streamlines contract management and supports real-time fraud monitoring and prevention, even personalizing customer service with chatbots powered by big data.
Software powered by Natural Language Processing (NLP) has revolutionized fintech. Banks that rely on it increase customer engagement and drive leads and conversions; it's also a lynchpin of passive market research. In risk management, NLP can be used to check the digital footprint of individuals and translate that data into a credit score.
Cloud solutions are a less expensive, “pay as you go” alternative to outdated enterprise infrastructure, and they can make data storage management more efficient. Particularly in the banking sector, cloud computing facilitates access to data for deep learning, analytics, and regulatory reporting — and it helps detect anomalies that signal risk.