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As BFSI sector is becoming more and more digitalized, the AI and Automation have already started making decent inroads into the sector, primarily in the areas of customer behaviour analytics, customer services, financial advisory, back end office operations & risk management
BOTS and Artificial Assistant are getting common in the contact centre and are continuously improving operational efficiency and customer experiences. While, natural language processing is being used to derive insights from customer interaction including classification of calls, customer issue extraction and sentiment.
On the other side, the backbone of the industry - back offices – too are going into automated mode by using AI platforms for generating reports, & documents. The potential borrower details including credit scoringare extracted more accurately and with larger parameters using the AI/ ML models. These models learns continuously from the previous risk cases and send advance alert where there are signs of issues in future.
On the product front, AI models make sense of patterns in the price and can make reliable accurate prediction for the stock price and aid in building the recommendation engines on portfolio structures.
With respect to Risk management, the AI power can be harnessed to build the system that track transaction real time and alert the bank/ institution as soon as it sees anomaly. Moreover, the investigation cost for credit card frauds or money laundering have reduced as relevant insights from analytics leads quickly to the root of the problem.
In these times when customer centric business is proliferating, the AI models are deployed to implement Omni-channel strategies across the products and services. The customer journey is tracked across online and offline medium and are targeted through the right channel at the right time when the chances of conversion is high.
We help the marketing team in insurance and financial section in having increased share of customer wallet and boost digital engagement through application of Advanced Analytics:
Considering developments around Analytics in BFSI, Our team with deep domain expertise can provide range of analytics solution; few of use cases are listed below:
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