Banking & Finance

List of AI use cases in Banking & Finance

KYC verification automation

Automate KYC verification process for banks so as to be able to scale for large number of customers.

Credit Card Transaction Fraud

Predict if a given transaction is fraudulent or not. This can be challenging since only a small percentage of transactions is fraudulent and flagging genuine transactions often can create a negative customer experience.

Loan Default Prediction

Predict if a given customer is going to default on a loan product or not, before even handing out the loan. Must ensure such models are non-discriminatory and free from bias.

Portfolio Optimization

Predict the optimal allocation of funds against the various investments, given the varying risks and rates of return.

Credit Risk Assesment

Assess the potential credit risk of entities / individuals before signing up for a banking product.

Customer Churn Prediction

Predict which customers are at the risk of churning based on various characteristics and transactional behavior.

Anomaly detection for Money laundering

Identify potential instances of money laundering from transactional and customer information

Facial Recognition

Identify individuals from images and videos, allowing for more accurate and efficient security screening and monitoring.

Fraud Detection

Analyze financial transactions and identify patterns of fraudulent behavior, reducing the risk of financial losses.

Customer Service

AI-powered chatbots can provide quick and efficient customer service, answering common queries and resolving issues without the need for human intervention.

and many more