Why AI Is The Future of Financial Services

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Deloitte found the financial services firms participating in their study's most common use cases for machine learning include the following. Predicting cash-flow events and proactively advising customers on spending and saving habits; expanding the data set for developing credit scores and applying machine learning to build advanced credit models for expanding reach and reducing defaults; providing machine-learning-based merchant analytics "as a service"; and detecting patterns in transactions and identifying fraudulent transactions as early as possible. Common NLP use cases include the following: reading documents and identifying errors for support activities such as information verification; user identification, and approvals; improving the underwriting process and capital efficiency; understanding customer queries via voice search on digital voice assistants or smartphones. Deloitte found the financial services firms participating in their study's most common use cases for machine learning include the following. Predicting cash-flow events and proactively advising customers on spending and saving habits; expanding the data set for developing credit scores and applying machine learning to build advanced credit models for expanding reach and reducing defaults; providing machine-learning-based merchant analytics "as a service"; and detecting patterns in transactions and identifying fraudulent transactions as early as possible.