When it comes to the adoption of new and emerging digital technologies, financial services institutions (FSIs) have a long track record for leadership. This continues to be the case today as FSIs — including commercial banks, investment firms and insurance companies — are capitalizing on the power of artificial intelligence and high-performance computing to make their businesses smarter, faster and more secure.
In some industries, AI is used only in narrowly defined applications. Not so in financial services. In the financial services sector, companies are embracing the AI opportunity across the broad range of their business operations — from engaging with customers and reducing fraud to maintaining regulatory compliance and automating business processes. Let’s understand how FSIs are leveraging the power of HPC-driven AI systems to compete more effectively in a rapidly changing industry:
Customer engagement
Many FSIs use chatbots and sophisticated voice analytics tools to manage customer interactions. These HPC-driven capabilities help FSIs respond more effectively to the needs of customers and, in the process, automate quality-assurance monitoring.
Credit risk assessment
FSIs are increasingly using HPC-driven AI systems to accelerate credit risk assessment and make better-informed decisions on the creditworthiness of loan applicants. These capabilities can help FSIs reduce the losses that come with loans that go into default.
Fraud detection
HPC-driven AI algorithms are helping banks, insurance companies and payment-processing companies identify unusual and potentially fraudulent transactions as they are taking place so they can stop those transactions.
Cyber security
HPC-driven AI is used to detect suspicious behaviour and other anomalies in real-time. Even better, some FSIs are now using machine learning to enable threat-detection systems to continually learn from their experiences and get better over time.
Regulatory compliance
A tidal wave of new national and international regulations has washed over the financial services industry in recent years. With AI systems, FSI can automate and streamline the process of identifying, collating and analyzing data from disparate systems to meet current compliance requirements.
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