Council Post: How No-Code AI Is Changing Business

“No-code AI in finance: The financial sector is data-driven. Every decision, from deciding on the target market to creating the right products for the market to customer service comes down to data. In the financial sector, no-code AI tools can be introduced to fulfill a variety of purposes, for example, reducing the risk of bad credit for lenders, choosing where to open or close a bank branch, automating online onboarding forms and much more. All this goes toward making the business not only more effective but cost-effective, too.

No-code AI in marketing: While the marketing world is highly creative, it’s vital that creativity connects with the intended audience. No-code AI modules can be introduced in the marketing sector to target and align marketing campaigns to customer demand more closely. For example, this may involve closely tailoring a Facebook ad to ensure that it finds the potential customer who needs and wants to see it while avoiding inundating those who do not. No-code AI in marketing can better inform current and potential clients about solutions they want and need.”

A New Low Risk Approach to AI for Consumer Lending

  • “SymphonyAI has taken a new approach with their EurekaAI suite of solutions. Instead of AI for data scientists, EurekaAI solutions put analytics driven insights directly into the hands of business analysts and decision makers.
  • EurekaAI allows both data scientists and “power users” in the business, or “citizen data scientists,” to explore complex datasets and build powerful predictive models without the coding in R or Python that is typically necessary.
  • EurekaAI for Consumer Lending learns from your own data to determine which borrower characteristics best predict delinquency risk, to predict borrower price elasticity, and to optimize collections.”

A New Low Risk Approach to AI for Consumer Lending

Use of Artificial Intelligence in Banking World today

  • “By 2023, banks are projected to save approximately $447 billion by developing and implementing AI applications. Some of the fine examples are below.
  • Thanks to AI, banks generate almost 66% more revenue from mobile banking users in comparison when customers visit branches.
  • There are more ways to apply AI in the finance industry. According to OpenText survey, almost 80% of banks recognize the benefits of AI, 75% of them already make use of this technology, and about 46% plan to implement AI-based systems in the near future.”

How AI Is Powering Modern Banking Transformation

  • “One out of three financial services professionals believe AI will increase their company’s annual income by at least 20 percent.
  • NVIDIA’s survey found that one out of two C-suite respondents plan to increase spending on AI infrastructure by greater than 10 percent in 2021, compared to 2020.”

Cognitive banking is creating the banking experience of the future | VentureBeat

  • “Cognitive systems use AI technologies to help banks leverage their data to deliver insights about themselves, their customers, and their competitors. Intelligent digital assistants are the critical enabler of cognitive banking for customers, enabling users to better understand and manage their money, and make better financial decisions.
  • Digital chatbots are simply reactive, waiting for a user to ask a question, and they’re highly impersonal — a millennial in the early stages of their career and a multi-millionaire get the same generic response.
  • When you leverage cognitive banking you’re offering your users an AI-powered solution that’s sophisticated enough to answer whys — why a customer’s balance is low, what deposits will bring them back up into the green, and so on, and then offer personalized advice about managing bills, increasing savings, and more.”