"; var wpa_add_test = "no";
When it comes to the BFSI sector, every customer has different financial profiles. It is a herculean task for employees to analyze every profile thoroughly every single day, and it has high chances of human errors as well.
Here, AI comes into the picture and together with NLG technology, the solution can analyze the customers’ profile accurately to provide personalized loan offers.
Financial organizations and banks have to put a lot of effort into analyzing structured data like bank statements, loan applications, and KYC documents. Bank employees need to check the most minute detail of all the customers and loan applicants before curating personalized offers or sanctioning loans.
Apart from increasing the NPAs (Non-Performing Assets), poor data analysis makes financial institutions vulnerable to fraudulent transactions or suspicious activities. It is quite challenging for the BFSI sector to prevent online scams and frauds.
Banks and financial institutions have to file a SAR (Suspicious Activity Report) with the organization upon detecting money laundering events or suspicious transactions within 90 days as per FinCEN (Financial Crimes Enforcement Network) regulations.
Every year, these repetitive and time-consuming yet important exercises take many human hours. It can reduce productivity and increase the chances of human errors. Fraudsters may exploit this situation for online scams as well.
With the help of the NLG (Natural Language Generation) concept based on AI technology, it is possible to generate narrative reports from structured data. Our customized, AI-powered solution can assist human analysts and subject matter experts to find fraudulent activities.
Our solution also keeps historical records in narrative form. We can make the customized fintech solution capable of automating the SAR generation process while working alongside the bank or financial institution’s fraud detection team.
The NLG concept assists the BFSI sector to find online frauds and get the properly analyzed data for KYC and loan applications. As a result, their time and effort are significantly reduced along with the risk of human errors.
Also, the productivity and efficiency of bank employees are increased as they can focus on other core activities.
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