Financial Services
WHERE CAN AI IMPROVE FINANCIAL SERVICES?
Banks. Insurers. Credit unions. Investment firms. Accountancy practices. The range of businesses operating in the Financial Services sector is diverse to say the least. So too is the range of products, processes, workflows and customer journeys that could be optimised across these institutions. So applying AI to Financial Services should never follow a one-size-fits-all approach.
Having worked alongside product, technology and C-Suite leaders across Financial Services, Brightbeam’s founders already know that what works for one firm might not work for others. Yet there are common problems in the sector that we know can be solved so long as you apply AI in context.
Risk Management
Operational Issue
Challenges in predicting financial market trends are impacting investment decisions, liquidity management and/or client confidence.
What we can do
Create customised predictive analytics using AI to provide deeper and richer market trend insights.
The impact we can make
Better analysis and reporting and resulting in informed investment decisions and minimised losses.
Inaccurate credit risk assessments are leading to higher levels of bad debt and the need to set aside more capital reserves.
What we can do
Cleanse data and developing deep learning models that can deliver precise credit scoring in real-time.
The impact we can make
Advanced credit risk assessments resulting in reduced bad debts and improved loan portfolios.
Customer Service
Operational Issue
Inconsistent customer experiences across channels are the source of frustration and increased account attrition.
What we can do
Programme generative AI-driven virtual assistants to provide omnichannel support that reflects customer expectations.
The impact we can make
Enhanced and uniform customer experiences resulting in higher brand loyalty and greater cross-selling opportunities.
Delays in responding to and resolving customer queries risk undermining long-standing relationships and referrals to new customers.
What we can do
Integrate institutional data with AI-powered chatbots for instant query handling or escalation.
The impact we can make
Smoother customer engagements resulting in higher-than-average customer satisfaction and new account recommendations.
Fraud Detection
Operational Issue
Rising instances of financial fraud are affecting profitability and creating potential compliance issues.
What we can do
Implement real-time fraud detection using AI algorithms based on real and potential threats.
The impact we can make
Instant fraud analysis resulting in secure transactions for customers and reduced financial losses for the firm.
Too many false positives in fraud alerts are creating a backlog of work within the Risk or Compliance teams and reduce operational efficiency.
What we can do
Review existing processes, identifying potential future gaps and applying advanced AI to continue minimising false alarms.
The impact we can make
More efficient fraud management resulting in lower operational costs and less manual re-work for busy teams.
Regulatory Compliance
Operational Issue
Continually changing financial regulations are keeping the organisation on the back foot and preventing it from being proactive in the market.
What we can do
Combine internal and external sources of structured and unstructured data then applying generative AI to provide up-to-the-minute reports and compliance checks.
The impact we can make
Seamless approach to compliance and risk reporting resulting in reduced legal costs and chances of financial penalties.
Manual and time-consuming audit processes are impacting decision-making and leading to a lack of transparency.
What we can do
Digitise best practice and designing AI-driven, automated audit trails, including anomaly detection for faster responses.
The impact we can make
Accurate, thorough and efficient practices established across the business resulting in greater transparency and fewer costly errors.
