6 ways companies are leveraging AI in finance
The Top 5 Benefits of AI in Banking and Finance The software allows business, organizations and individuals to increase speed and accuracy when analyzing financial documents. Ocrolus’ software analyzes bank statements, pay stubs, tax documents, mortgage forms, invoices and more to determine loan eligibility, with areas of focus including mortgage lending, business lending, consumer lending, credit scoring and KYC. Chatbots will be the top customer service channel for about 25% of businesses, including banking, by 2027. They can resolve repetitive queries in real-time and perform crucial tasks such as locking or unlocking cards, etc. Now that we’ve covered different types of AI, let’s explore what AI does for CPM processes at a functional level. Completes repetitive tasks Repetitive tasks like data collection, anomaly detection, and transaction matching are relatively menial,…