Artificial Intelligence in Retail Banking – Current Applications

  • “One AI company offering fraud detection to retail banks is Threatmetrix, a subsidiary of LexisNexis. Their Dynamic Decision Platform purportedly improves account authentication and identity verification.
  • SAS offers a predictive analytics software called Credit Scoring for SAS Enterprise Miner. The solution is an added capability of their larger Enterprise Miner solution. The software’s machine learning algorithm sifts through a client bank’s enterprise data for all relevant information regarding the customer’s financial history. The software then uses predictive analytics to determine a customer’s credit score based on that data.
  • Chatbots can also be developed to field questions in more than one language. Finn AI offers NLP software that they claim can help banks develop and train accurate chatbots. They claim their software also features sentiment analysis, which allows the chatbot to determine whether the sentiment behind a message is positive or negative.”

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