Artificial Intelligence in the Banking Industry: From Data Analysis to Semantic Analysis

by Hua Zhang, July 13, 2016
Industry Trends
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

At present, artificial Intelligence (AI) technologies are increasingly being applied in the banking industry, mainly toward knowledge management, identity authentication, market analysis, customer relationship management, anti-money laundering, and risk control.

Artificial intelligence programs can analyze all such knowledge and provide the corresponding knowledge responses to bank employees and customers. In the marketing of banks, AI can identify the characteristics of high-yield customers by mining existing data. In risk management, large amounts of data are involved in the fields of risk management, anti-fraud and anti-money laundering. In the report Application of Artificial Intelligence in the Banking Industry, Celent examines the AI applications, vendor profiles, and application trends.

“With their ability to fully understand the market, customers, and regulatory changes through data, banks are in the best position to apply these technologies, for example in risk control, credit analysis, market tracking, and customer demographic mining,” says Hua Zhang, an analyst with Celent’s Asian Financial Services practice and author of the report.

This 18-page report contains four figures and four tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Knowledge Management

3

 

FinGenius

3

 

KenSho

4

 

AlphaSense

4

Marketing and the Market

5

 

Omron in Retail Banking

5

 

EverString in Corporate Banking

5

 

Wise.io

6

Identity Authentication

8

 

Identity Authentication by Face++

8

Risk Management and Anti-Money Laundering

10

 

Risk Management by Ayasdi

10

 

Anti-Money Laundering by Digital Reasoning

10

Trends

12

Leveraging Celent’s Expertise

13

 

Support for Financial Institutions

13

 

Support for Vendors

13

Related Celent Research

14

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