The financial industry collects large amounts of data every day – from customer records to behavior patterns, public trading information to portfolio investment trends.
Thanks to advances in machine learning and artificial intelligence in financial services, companies now have the ability to leverage that data to make smarter, faster, and less expensive decisions than ever before.
Firms in banking, insurance and more are starting to capitalize on the benefits of implementing machine learning, from customer acquisition and retention, to business efficiency and cost reduction goals.
Machine learning and artificial intelligence are being used in key initiatives including:
Risk management
Anti-money laundering (AML), Know Your Customer (KYC), and fraud detection programs require sophisticated tools to spot potential threats. Relying solely on employees to spot patterns in financial records can be both time-consuming and costly. Machine learning and artificial intelligence allow financial institutions to sift through data and find anomalies quickly, preventing illegal activity and saving potential company losses.
Revenue generation
Machine learning algorithms are now being leveraged by financial institutions to create investment strategies, freeing up financial advisors to engage more with their clients.
Enhanced customer experiences
With today’s expectation for on-demand customer service, chatbots have a crucial role to fill. Chatbots help to delight customers with real-time feedback and a streamlined experience.
Get the high-quality training data you need to ensure successful machine learning and artificial intelligence initiatives
How we help
For machine learning-based solutions and systems to work effectively, the algorithms that support them need training data to ensure they are optimized. But not just any data – high quality, human-annotated data. Humans are simply better than computers at managing subjectivity, understanding intent, and coping with ambiguity.
Our global, curated crowd and Appen Global platform allow you to efficiently gather millions of large, high quality datasets and samples in your desired time frame so you can quickly train your machine learning model.
Our secure facilities are ISO 27001 certified and our operation is ISO 9001 accredited so you can rest assured your data will remain protected and quality controlled.
We help you enhance the following solutions
- Automatic Speech Recognition
Improve customer interactions with Automatic Speech Recognition systems by training them to better understand human language.
- Fraud Detection
Increase fraud detection rates, reduce false positives and minimize losses through systems built with high-quality data sets.
- Risk Management Models
Use human insight to improve the quality of the data used in your machine learning-based risk model.
- Semantic Search
Improve your semantic search capabilities with training data that provides user intent and context.
- Text-to-Speech
Improve customer interactions with TTS systems that are fluent in every language.
- Virtual Assistants and Chatbots
Train your virtual assistant or chatbot to better understand and respond to human interaction, driving higher levels of customer satisfaction.
Additional resources
Using AI to Transform the Banking Experience
At the FinovateSpring 2019 conference in San Francisco, AI was a hot topic. From financial institutions using AI to power everything from personalized customer experiences to underwriting, to fintech providers showcasing AI solutions, the technology was on everyone’s mind. In a panel titled “Which Artificial Intelligence Technologies Will Really Change Financial Services?”, we heard from experts who are harnessing this technology in …
How Deep Learning is Transforming the Insurance Industry
Last week I attended the Deep Learning Finance conference organized by RE•WORK. As the event was smaller compared to many AI conferences I have attended, it had a more casual vibe which allowed for more open conversations about how people are using AI, some of their data challenges, and their overall goals. The insurance industry is transforming through the use …
How top financial services companies transform their business with AI
In 2018, the financial services industry is using artificial intelligence (AI) and machine learning to drive greater speed and accuracy across business processes. Using AI and machine learning technology, financial services companies are reducing risk, managing fraud, optimizing investment strategies, improving operational efficiency, and delivering more personalized customer service, at scale. Why is the financial industry seeing so much benefit …