Jayasty Anandan

How is AI Disrupting the FinTech Industry? During the survey conducted in 2018 (by Statista Research Department) about the share of decision-makers in finance roles who believe artificial intelligence (AI) solutions have a high impact on India, 67 percent of decision-makers believe that automated research and information integration solutions have a high impact on their organization. Banks that typically have offline interaction with customers today face challenges in business continuity since employees are stuck at different locations. Covid-19 has disrupted operations and will continue to impact the operations' continuity and working modes. In addition, high customer demands put banks under pressure, and these demand surges and shortage in resource leads to disappointing customers. Hence, all areas need digitization and automation, from internal to customer-facing processes. Thus, adopting technology in the FinTech sector has made banking easier. What is FinTech? Financial technology (FinTech) refers to integrating technology offered by the financial sector, such as crowdfunding, online customer acquisition, mobile wallets, personal finance management, and private financial planning to improve customer delivery. Financial service providers are adopting AI for mundane task automation, consistent customer services, deep behavioral analysis, and efficient fraud detection. In this blog, we will discuss the impacts of AI in the banking and finance sector and how it helps to empower your business processes. The growing impact of AI in Financial Services includes: 1. Process Automation 2. Personalized Banking 3. Fraud Detection 4. Customer Support chatbots 5. Automated Virtual Financial Assistants 6. Accurate Decision Making How can Rezo.ai help the finance sector drive its business continuity? Using Rezo.ai, you can leverage the true power of AI in the following 3 ways: Solution 1: Enquiry Using conversational AI, Rezo.ai can help banks to provide 24/7 customer service that solves all customer queries and problems, regardless of the time. This includes: Educating customers about different loans – Rezo.ai can provide AI-based systems to banks to help make informed, profitable, and credit decisions. · Procure Essential Information – By applying NLP coupled with machine learning and AI tools, unstructured, qualitative information can now be analyzed in a quantitative way. Rezo’s AI-based technology thus can help to strategize better and help asset managers to rethink how they procure information. · Profile-Based Offerings to Consumers – Rezo’s predictive analytics and AI tools, like machine learning and bots, can make the right offer on the right device in real-time, delivering highly personalized service. · Follow-ups on Abandonments – There can be many reasons for cart abandonment; one could be that customers get distracted. While they intend to complete the purchase, they get pulled away to do something else. Rezo’s cart abandonment emails are surprisingly successful at convincing customers to purchase. This way, customers can be brought back to the buying cycle. · Solution 2: Onboarding Onboarding new clients in a highly regulated industry can be complex. Technological advances are enabling financial institutions to implement automated solutions that offer many benefits at a much lower cost than traditional processes. Rezo’s AI solution eases the onboarding process with its ability to enhance and sustain the client experience: Parsing information from Docs – Natural Language Processing (NLP), one of the AI applications, teaches machines to read and understand English language documents. Rezo leverages this state-of-the-art tool that helps analyze a growing document library. · Improve Processing Time with RPA – Neither every process is fit for RPA, nor is every part of the process fit for RPA. You can automate parts of the process using RPA, which can be performed by a robot, thus enabling humans to perform the most complex tasks and improving efficiency. Rezo helps automate simple manual tasks with the help of RPA, reaping 80% of efficiency improvements. · E-KYC Solutions – Rezo’s technology provides highly accurate facial analysis and facial recognition on images and video that you provide. Thus, banks can detect, analyze, and compare faces for various use cases. · Facilitates at Every Step – Customers need information and assistance at every journey step. With Rezo’s AI capabilities, you can help provide information and resolutions on-demand or proactively. · Solution 3: Recovery Rezo’s bots are built with machine learning and natural language processing technologies which can be used to analyze customers’ digital interactions to identify customers facing adverse financial situations. Thus, it helps banks proactively contact customers with credit counseling support to help them prioritize finances and adapt to the new financial situation. This can be done in the following ways: Reminders – Rezo’s AI-enabled bots can autonomously remind customers to make payments where there is an overdue. It can also auto-schedule reminders on the committed date. · Recovery Calls – Rezo’s AI technology solutions can make autonomous telephonic overdue payment calls. Also, it can securely collect payment directly on calls. · On-demand Accounting – With the advancement of technology, Rezo’s AI solutions can provide real-time accounting figures accessible through all common channels, like the web, email, and smartphone, on a 24/7 basis. This empowers customers to stay on their accounts, building customer loyalty. · What to expect in the future from AI in the Financial industry? AI is drastically reshaping the business landscape of the financial sector. These are the hopes for increased transactional and account security. We expect to see better customer care that uses sophisticated self-help VR systems as natural language processing advances and learns from the expanding pool of experience. We can also see that digital assistants and apps will continue to perfect themselves, making personal finances exponentially easier.