Artificial Intelligence has taken an important role in analyzing and understanding the behavior of customers and offering them solutions that perfectly match their needs. Solutions provided are classified into two main categories: software tools and platforms.
Software tools offer solutions with Artificial Intelligence at the core to cater to requirements in the financial sector. Software tools take data as input and provide solutions as output. They help analyze data patterns and predict the outcomes to follow. Software tools are further categorized into data discovery, data quality and data governance, and data visualization.
Huge amounts of data are generated and gathered in the financial sector. Data discovery software tools can be used to extract this data and apply data modeling and advanced analytics to get useful insights that can help service providers reach out to ideal customers with relevant solutions. This
also helps in fraud detection, stock prediction, and various other utilities.
Data quality and data governance
The huge amount and unstructured form of financial data gleaned leads to several compliance issues. Data quality and data-governance-related software tools prevent data from decay or getting affected by invalid information. The tools also help in structuring, cleaning, and standardizing the data for use in making quality decisions. Data governance tools
are responsible for assigning the ownership of data to compliance-measuring processes and protecting organizations from non-compliance issues.
Data visualization software tools help in the easy interpretation of data. They make the data accessible to all users in an easily consumable and interactive presentation. These tools offer a dashboard through which users can perform multidimensional analysis and segregate the data based on various filters. Graphical presentations include charts, diagrams, and bars.
In addition to software tools, platforms are also used to set up AI in Fintech solutions. Many organizations utilize platforms to create solutions that match their exact requirements. For instance, Inbenta offers a customized chatbot platform that enables customers to build customized support bots for Skype and Facebook.