By Gloria Methri
Today
- AI Chatbots
- AI in Banking
- CogniCor
Artificial Intelligence has been an integral part of the finance industry, gaining advancement in risk management, credit underwriting, KYC processes, document digitisation, fraud detection, as well as investment strategies.
While the past decade has seen a transition from traditional bank branches to digitized banking apps, we are now on the heels of another seismic shift, one shaped by generative AI.
Generative AI is a kind of artificial intelligence that uses data analytics training sets, natural language processing, neural networks, and deep learning to create new and original content. Generative AI tools are used to offer advanced solutions for wealth management, digital banking, open banking, and financial advisory, helping banks stay competitive and meet the evolving needs of their customers.
As per Market Research Reports, global generative AI in the financial services market size is expected to be worth around $9,475.2 million by 2032 from $847.2 million in 2022, growing at a CAGR of 28.1% during the forecast period.
Here are 3 software firms leveraging Generative AI to optimise the banking and financial services industry.
CogniCor accelerates business growth for wealth management and insurance carriers by introducing AI powered scalable assistance in operations and support. The AI-based low-code conversational platform enables business teams to create a Digital Knowledge Twin of their most knowledgeable sales or service agent and deploy targeted Digital Assistants in field operations. Some of the Digital Assistants packaged in the financial services library include Forms Assistant, Onboarding Assistant, Navigation Assistant, Reb-BI Compliance Assistant, etc.
collectAI is a software platform for intelligent receivables management with digital, AI-based payment services. It offers product invoices, payment reminders, and white-label payment pages. The smart technology optimizes the goals of higher collection rates, cost reduction, and customer loyalty and combines digital communication channels with a variety of payment methods for a smooth process. Founded in 2016, collectAI is an affiliate company of one of Germany’s largest e-commerce retailers, the Otto Group.
Eigen is a research-driven AI company specializing in NLP for businesses in finance, law, and professional services. Eigen’s customizable natural language processing platform uses machine learning to automate the extraction of answers from documents and can be applied to a wide variety of use cases. It has developed the Eigen Intelligence Data Processing platform to enable organizations to classify, extract, and send data from documents into downstream systems and automate manual processes.
ALSO READ: Applications of Artificial Intelligence In Banking Q1 2023
