The potential capabilities of Artificial Intelligence (AI) continue to be exalted across media publications. It is often implied that the technology can do just about anything; inevitably removing the need for human intervention. However, we find that most Banking and Financial Service (FS) institutions seek to have AI serve specific roles and sooner rather than later. Furthermore, setting aside the fact that we are quite far off from living in a world with omnipotent AI, Banking and FS will continue to remain highly dependent on personal relationships.
One of the primary roles that AI will play in the immediate future is that of a decision-making assistant. That is, it will help discover new opportunities and provide recommendations about next-best-actions in order to seize those opportunities. From deal origination to up and cross-selling to customer retention strategies, AI will be used to improve the bottom line. And it will do so by utilizing unstructured data.
Up until recently, algorithmic models were based mainly on numeric data, such as market data, which is known as structured data. Those algorithms simply cannot process non-numeric data such as words, sentences, and paragraphs This type of data has no structure, it’s free-formed, and it’s what most of the data available happens to be. Traditional algorithms are incapable of deriving meaning from this unstructured data. Today, the latest in AI and machine learning allows you to do just that and much more.
The real future of banking with AI is in the utilization of unstructured data. This includes news feeds; emails; call notes from within your CRM; premium data providers such as Refinitiv, Bloomberg, and Factset; and just about any other internal and external, textual data. It continuously monitors this data; converts it to computable data; analyzes it for patterns, anomalies, and trends; and provides the banker with easy to use insights and recommendations.
Watch this webinar to learn how your organization can immediately implement AI and incorporate your unstructured data, empowering your team to find and convert new opportunities while better servicing customers.