Some businesses have been fortunate – for example, companies like Zoom were in the right place at the right time and were able to ride the wave.
Either way, the most successful companies have used data mining strategies to develop better products, make faster decisions, and innovate faster than their competitors. Let’s take a closer look at Data-Science UA.
Mass demand for banking services leads to an intensification of the struggle for clients, search competitive advantages, faster responses to consumer demands. Exactly, therefore, financial institutions are increasingly investing in new information technology, especially in the technology of working with a database.
From brand reputation analysis to customer focus, from compliance to the regulator before the need to start modernizing basic banking systems, DB technologies help the banking sector to successfully solve complex problems.
Urgent tasks. Database solution implementations are becoming more and more popular among banks; bring them tangible benefits in many directions activities. Present a modern bank without technology in at least three of them working with a database is almost impossible:
- Improving operational efficiency. The next generation of analytics can Translation for handling unstructured data streams, allowing provide visualization of current business processes, events, and operations, regular mailing of information, and follow the actualization information on management panels.
- Improving the quality of customer service. Database technology Work to improve the interaction of financial institutions with clients, prediction reactions to marketing campaigns and analysis of their results, personal approach to each client, and encouragement of conscientious clients.
Working with internal resources
How exactly to start using AI in banking is a tricky question. The use of artificial intelligence in the banking sector is not as easy as it might seem at first glance. Despite the tangible benefits, smart systems sometimes make mistakes, and in the financial sector, any mistake can cost money and reputation. For example, Microsoft’s machine learning bot, Tau, posted tweets and chatted, but was disabled due to its inability to recognize offensive content.
Before “releasing” an AI product for direct communication with customers, it is worth learning how to use intelligent services for data analysis, for example, to track user churn or count the number of new customers. One such company, sharpIQ, worked with US banks and used current data to predict the number of SBA (US Small Business Administration) lenders. As a result of such calculations, the number of loan applicants has doubled.
A survey of senior executives in financial institutions showed that over the next three years, the most in-demand banking processes that AI will perform will be: risk assessment, financial analysis, and project portfolio management.
Finally, don’t lose sight of the ultimate goal: improved decision making. Data is needed to enable you to learn new things that lead to better solutions.