Structured Data Is the Key to AI for Banks & Insurers

While financial institutions are still in the early stages of adopting AI technologies, intelligent machines are expected to become the most defining for the future of institutions in the financial services and insurance industries. In fact, estimates suggest that 75% of insurance executives believe that AI will either significantly alter or completely transform the insurance industry by 2020. Moreover, one-third believe that their own company will be completely transformed by AI within that timeframe. AI is expected to redefine the way financial institutions gain information from and interact with their customers, with the benefits of embedding AI into user interfaces being better data analysis and insight. A range of institutions are already either experimenting or have implemented AI/ML capabilities into various processes, with benefits encompassing improvement of straight-through reconciliation (STR) of incoming payments, higher conversions from service recommendation engine, better understanding of customer behavior and preferences, large-scale automation, etc.