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AI in Banking: 5 Applications of Artificial Intelligence in Banking

Edureka

The banking industry is at the forefront of integrating AI, one of its many transformational uses. Today, we explore the top five ground-breaking uses of artificial intelligence in banking as we delve into the realm of money. This enables banks to quickly investigate and take the necessary action.

Banking 40
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Top 5 Data + AI Predictions for Financial Services in 2024

Snowflake

Increasingly, financial institutions will monetize their data through apps and data marketplaces. But traditional data management systems struggle to store and process vast troves of unstructured data — ranging from emails and social media posts to scanned documents, video and audio recordings.

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Unlocking data stream processing [Part 3] - data enrichment with fuzzy joins

Data Engineering Weekly

The finance department has requested your assistance with their annual balance sheet, explicitly matching all entries from the company's bank account with receipts submitted by employees for their professional expenses. Unfortunately, this approach results in unstructured data that is difficult to work with.

Process 52
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Listening to the Customer in the 21st Century: It’s All About Data

Cloudera

A Mckinsey study shows that customer-centric banks outperform peers, delivering 55% higher returns. By using data to listen to their customers better. The most innovative companies use data and analytics to offer appropriate products and services. No one at YES BANK was operating with a full 360-degree customer view. .

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Is Your Financial Services Organization Ready to Leverage Generative AI?

Snowflake

Additionally, the use of synthetic data generated by AI can speed up stress testing and the evaluation and prediction of exposure risks, including those related to fluctuating interest rates and potential defaults. This enables banks and asset managers to prepare for unexpected market shifts and quickly reassess and modify their strategies.

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Data Science in FinTech: Roles, Use Cases, and Benefits

Knowledge Hut

FinTech refers to a set of technologies that focus on new ways of providing banking and financial services to consumers. When you use PayPal, Google Pay, or your credit card to pay online, you, the consumer, the e-commerce company, as well as the bank are all using FinTech to complete the transaction. Why is Data Science So Important?

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Four Vs Of Big Data

Knowledge Hut

Example of Data Velocity An instance of data velocity within the four Vs of big data is the real-time monitoring and analysis of stock market data. Example of Data Variety An instance of data variety within the four Vs of big data is exemplified by customer data in the retail industry.