An Analysis of AI-Powered Document Search Capabilities in Banking

The financial services industry is buried in paperwork, and the NLP use-cases in banking and insurance grow every year. For the last three years, we've closely followed the application space of AI-based search applications. These applications tend to be broad, and can hypothetically handle nearly any text-related data format, and could hypothetically be used to address nearly any document or data-related use workflow. Over the last 18 months we've interviewed and directly analyzed 15 AI-based search vendors selling into the retail banking sector, including startups like Expert.ai, Our goal was to gain more clarity on how these broad search applications are actually used in practice, and what actual business problems they are addressing.