{"id":382,"date":"2019-11-14T10:33:22","date_gmt":"2019-11-14T10:33:22","guid":{"rendered":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/?p=382"},"modified":"2019-11-14T10:33:22","modified_gmt":"2019-11-14T10:33:22","slug":"is-data-analytics-and-ai-future-hassle-free-banking-services","status":"publish","type":"post","link":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/is-data-analytics-and-ai-future-hassle-free-banking-services\/","title":{"rendered":"Is Data Analytics and AI the future of hassle-free Banking services?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In an era of machines and Artificial Intelligence, the traditional form of banking has taken the back seat, when compared with <strong>tech-savvy Fintech players<\/strong> of the industry who are keen to adapt latest technologies to keep up.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per market experts, it goes without saying that <a href=\"https:\/\/en.wikipedia.org\/wiki\/Financial_technology\"><strong>AI will empower Banking Services<\/strong><\/a>, redefining operations by innovating products and services beyond the conventional norm. This eventually perks up customer experiences. Leveraging advanced technologies, human workers will be replaced with sophisticated algorithms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such a competitive edge can only be achieved by banking corporations by embracing AI and weaving it into strategic business decisions for maximum profits.&nbsp;<\/span><\/p>\n<h1><b>AI can double Business Profits<\/b><\/h1>\n<p><span style=\"font-weight: 400;\">AI professionals quote; there are three primary ways the introduction of AI in the Banking Sector can shoot business profits.<\/span><\/p>\n<p><strong>Here they go:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Enhancing contemporary Profits and Loss levers<\/span><\/li>\n<li>Identifying new growth patterns<\/li>\n<li><span style=\"font-weight: 400;\">Delivering the Digital bank<\/span><\/li>\n<\/ul>\n<p><strong>But the question is: How AI can achieve this objective? The answer to it is by:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Profiling and Customer Segmentation<\/b><span style=\"font-weight: 400;\">&#8211; Being aware of the financial profile of all the customers helps banks to jack up the expenditure and income for next month, and maximize revenue.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Customer Spending Pattern Analysis- <\/b><span style=\"font-weight: 400;\">Typically, banks have adequate data about a customer\u2019s flow of income every month, net savings and utility expenses. With the help of this model, banks can conduct a risk assessment, loan screening, cross selling of financial products, and mortgage evaluation.<\/span><\/li>\n<li><b>Evaluating Creditworthiness- <span style=\"font-weight: 400;\">Determining whether an individual is likely to be a defaulter and estimating the amount that can be offered to him\/her.<\/span><\/b><\/li>\n<li><b style=\"font-size: 1rem;\">Transaction Channel Identification- <\/b><span style=\"font-weight: 400;\">With the help of AI, banks can determine if a customer is likely to keep or withdraw money on payday. The latter customers can be pitched for short-term investments.<\/span><\/li>\n<\/ul>\n<p><strong>All the above-mentioned objectives have one thing in common- <a href=\"https:\/\/www.spinanalyticsandstrategy.com\/predictive-model\"><i>SPIN Strategy AI Models<\/i>.<\/a><\/strong><\/p>\n<h3><b>SPIN\u2019s AI models are banking Operation-Focused<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">At SPIN, we provide a range of AI and ML learning tools for a host of operational applications for financial institutions. Such tools include:<\/span><\/p>\n<p><b>1. Risk assessment, compliance &amp; reporting&nbsp;<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Comprehends the spending pattern and analyzes previous credit history to assess the risk of issuing a loan to a customer.<\/span><\/p>\n<p><b>2. Sentiment Analysis:&nbsp;<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Customer view and market rumors play a significant role in business, and with NLP it is easy to comprehend customer sentiment and its impact on the enterprise.<\/span><\/p>\n<p><b>3. Propensity Modeling<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Uses historical data to make business predictions by directing consumers to the right messages and website locations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If that\u2019s not all, here are a few factors to conclude the fact that <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.spinanalyticsandstrategy.com\/predictive-model\"><strong>SPIN &nbsp;<\/strong><\/a><\/span>Models are a boon for the banking sector.<\/span><\/p>\n<p><strong>Read More for Related Blogs:&nbsp;<\/strong><\/p>\n<h3><b>SPIN for Banking Services: Here is why<\/b><\/h3>\n<ol>\n<li><b>Communication: <\/b><span style=\"font-size: 1rem;\">We keep our customers in the loop with necessary and crisp data, perfecting the art of delivering the right solution to the right clients at the right time.<\/span><\/li>\n<li><b style=\"font-size: 1rem;\">Minimal expenses: <\/b><span style=\"font-size: 1rem;\">No fluctuating invoice rates for our clients. We maintain a simple flat monthly rate.<\/span><\/li>\n<li><b style=\"font-size: 1rem;\">Rate: <\/b><span style=\"font-size: 1rem;\">Simple monthly pricing for your business requirements at easy rates.<\/span><\/li>\n<li><b style=\"font-size: 1rem;\">Experience:&nbsp; <\/b><span style=\"font-size: 1rem;\">Maintaining optimum performance standards, our experts use AI-models for Data Integration, Conversion Optimization, Data Analysis, etc.<\/span><\/li>\n<li><b style=\"font-size: 1rem;\">Data Integration: <\/b><span style=\"font-size: 1rem;\">We combine data from multiple digital marketing platforms to prepare customized reports to generate a holistic understanding of your brand\u2019s ROI and growth.<\/span><\/li>\n<li><b style=\"font-size: 1rem;\">Predict Churn: <\/b><span style=\"font-size: 1rem;\">Using AI and ML, SPIN identifies segments of the customer base who are about to leave you for your competitor brand.<\/span><\/li>\n<\/ol>\n<p><b>The result of using SPIN AI Models for Banking Decisions- <\/b><span style=\"font-weight: 400;\">Improved decision making for credit and loans.<\/span><\/p>\n<h2><b>Here is a real-life scenario- Case Study<\/b><\/h2>\n<p><b>The Client- <\/b><span style=\"font-weight: 400;\">&nbsp;The client offers financial services and technical support in a bid to increase productivity, boost innovation, and add economic integration.&nbsp;<\/span><\/p>\n<p><b>The Issue<\/b><span style=\"font-weight: 400;\">&#8211; The bank officials have diverse knowledge on various topics, and have shaped themselves as SMEs of certain topics. They share their knowledge from different geographical locations. The client wanted a single integrated knowledge management platform for individuals to reach out to these SMEs for a certain project in hand.<\/span><\/p>\n<p><b>The Solution- <\/b><span style=\"font-weight: 400;\">SPIN worked with the client to deploy a cognitive computing application that would include a virtual agent to comprehend Natural Language request inputs and utilizes cognitive deductions to answer the queries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a bid to simulate human-like conversations between the systems and the users, <strong>SPIN<\/strong> leveraged Advanced Text Analytics including entity extraction, keyword extraction, emotion analysis, sentiment analysis, etc.&nbsp;<\/span><\/p>\n<p><b>The Result- <\/b><span style=\"font-weight: 400;\">The bank now has the faith that productivity across the globe will hit the roof due to the easy availability of SMEs. This will boost operational efficiency by 30%-40% and expand cross-broader collaboration and employee management too.<\/span><\/p>\n<h2><b>To conclude with<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><strong>We are more than happy to help Banking Organizations with AI and Data Analytics services<\/strong>. Guaranteeing a solution that caters to clients\u2019 needs and budget, at <a href=\"https:\/\/www.spinanalyticsandstrategy.com\/\"><strong>SPIN<\/strong><\/a> we ensure to provide excellent value for businesses.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more info, visit: <\/span><strong><a href=\"https:\/\/www.spinanalyticsandstrategy.com\/\">https:\/\/www.spinanalyticsandstrategy.com\/<\/a><\/strong><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Read More for Related Blogs:&nbsp;<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an era of machines and Artificial Intelligence, the traditional form of banking has taken the back seat, when compared<\/p>\n","protected":false},"author":1,"featured_media":522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,6],"tags":[18,25,26,50,112],"class_list":["post-382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","category-big-data","category-data-analytics","tag-ai-models","tag-artificial-intelligence","tag-artificial-intelligence-analytics","tag-customer-segmentation","tag-sentiment-analysis"],"_links":{"self":[{"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/posts\/382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/comments?post=382"}],"version-history":[{"count":0,"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/posts\/382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/media\/522"}],"wp:attachment":[{"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/media?parent=382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/categories?post=382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.spinanalyticsandstrategy.com\/blog\/wp-json\/wp\/v2\/tags?post=382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}