00:00Welcome to the new one in the series AI in real world.
00:14In the previous videos, we talked about some interesting industries.
00:19Industry number one, healthcare.
00:21Industry number two, education.
00:24And industry number three, e-commerce.
00:27In this video, we are dedicatedly going to see some live example of AI implementation
00:34in fintech or financial services.
00:38Financial entities are leveraging artificial intelligence development to manage vast amount
00:43of data, and that resulting in more precise decision making, predictive analytics, and
00:49with AI, many capabilities are added to bank and other financial institutions.
00:55Very important, there is a 30% reduction in assessment errors, which is a huge benefit
01:03for all the financial institutions.
01:07Investment in AI technologies are also climbing a lot, with projections suggesting that spending
01:13of AI in fintech will exceed by $12 billion by 2026.
01:19And 12 billion is a huge number.
01:21And you can understand that how much the fintech industry is getting benefited by AI
01:27that they are spending this amount of money.
01:30For instance, take an example of JP Morgan Chase, they have invested heavily in AI and
01:35machine learning technologies, and mainly to improve banking services and fraud detection.
01:42Citigroup on the other hand leverages AI to personalize customer interactions.
01:46And that is getting very normal in banking field at the moment, that banking services
01:52or mobile application of banking services are very much personalized to the users.
01:57And of course, they are also streamlining operations with the use of AI, and thereby
02:01you know that's definitely enhancing client satisfaction and operational efficiency of
02:05course for all staff level at every level.
02:09Similarly, Goldman Sachs utilize AI for advanced data analytics to drive strategic investment
02:15decisions and making financial advising much more easier for them.
02:20Because to make any financial or investment decision, there is a lot and lot of data to
02:24be analyzed.
02:26And what Goldman does is they analyze all this big data and use AI to make very simple
02:33decision making process.
02:36Having said so, all these pioneers in finance are heavily using AI to improve processes.
02:42And are you in financial institute planning to develop an operational software with AI
02:47or a mobile application?
02:48Get in touch with us at sales at ibixo.com and we'll be at your assistance.
02:54Now let's start reviewing all these pioneers one by one.
02:58We'll start with JP Morgan.
03:00JP Morgan heavily uses AI for both aspects of business, you know, for customer service
03:05as well as risk management, which is a very important part.
03:09One of the most important initiatives is to use advanced models to predict loan defaults.
03:14And you can understand how much important it would be when an AI helps them to reduce
03:19down loan defaults.
03:21Now the model helps them to significantly improve the accuracy of credit assessment
03:25and also helps them to reduce the risk in giving away money, giving away loans and make
03:31sure that they don't get defaults or there are no fraud transactions involved in that.
03:36Another example with JP Morgan is their coin platform, which uses NLP to interpret commercial
03:42loan agreement, a process which heavily consumes 360,000 hours for them.
03:50With AI models, the tasks are almost automated.
03:53And apart from that, JP Morgan invest in AI to detect patterns of fraud.
03:59That is very, very important, small frauds to larger frauds.
04:03When AI is at help, you know, they enhance the security across all the transactions and
04:09their algorithm can identify unusual activities very real time.
04:13And you know, that eliminates the process of getting certain things done, then identifying
04:18fraud and then getting back to cure it.
04:22When an AI algorithm basically identifies the fraud real time, they can prevent the
04:27fraud from happening rather than cure.
04:30They are basically eliminating the chance of having any fraud transactions or any fraudulent
04:36transactions happening overall in the whole platform.
04:40Now these are very few examples of JP Morgan.
04:42They have implemented various ways in which AI is assisting them for the ease of operations
04:48and for customer satisfaction as well.
04:51Now let's move towards the new group, that is the Citigroup.
04:54Like JP Morgan, Citigroup has used AI for both customer satisfaction as well as operational
04:59success.
05:00You know, they have largely invested in two areas, real time fraud detection as well as
05:06customer interaction.
05:08Citigroup not just have best chatbots, but they also have predictive analysis to provide
05:14personalized banking service and product recommendations.
05:18Now you might have always experienced in a Citibank application or mobile website, right,
05:22that if you are using it and your friend is using it, you will see different dashboard
05:27for each one of you.
05:29And the only reason why they are able to do is by studying your pattern and submitting
05:35the data to an AI model to suggest you something which is very much more personalized for you.
05:40And of course, the personalized banking helps them to increase customer satisfaction and
05:44retention to a very, very huge level.
05:47What do you think?
05:48Like what is the best feature of Citibank you feel that that has been powered by AI?
05:55Comment down in the section and so that we can discuss very much in detail about that
05:59particular feature.
06:01Now let's move to our Goldman Sachs Goldman Sachs analyze large database, which helps
06:07them to make faster and better trading decisions.
06:10And why not?
06:12Because they have so much of data in their place, which has not been used for years.
06:17Right now, when they are implementing the same data in AI, that's basically helping
06:22them to make very faster and accurate trading decisions.
06:26And that's their job.
06:28Now, try to understand their full time job is to analyze data and make trading decisions.
06:34And when an algorithm does that for them, that reduces a lot of work.
06:40And this absolutely helps them to reduce risk and increase profitability without any doubt.
06:45What do you think about that?
06:47Have you ever tried any algorithm to make trading decisions for you?
06:52If yes, write down the name of the platform you have used in the comment section and we'll
06:56make a dedicated video talking about how AI can help you, not in large institutions
07:03like Goldman Sachs, to make better trading decisions and make easy money.
07:09Now, Goldman Sachs use machine learning to real time predict market trends, which helps
07:15them to stay ahead of making profitable financial decisions.
07:19You know, right now there might be millions of transactions happening on the market every
07:23single second, every single minute.
07:26And when AI is live and it's been at a live assistance, that's a huge power.
07:32It's like more than a thousand people working behind you for you to make smarter decisions.
07:39And apart from that, Goldman Sachs has developed AI powered platform that automate aspects
07:44of financial operations like, take an example, compliance check, like transaction processing,
07:51everything that's happening with the power of AI.
07:54The automation leads to significant cost saving and allows human employees to focus more on
07:58strategic tasks, thus optimizing overall operational efficiency.
08:04That's very easy with AI, you know.
08:07Now we have talked about all these three big brands.
08:10Now let's focus on what all the things, what are the current trends happening, like we
08:14have discussed in all the other videos of the series, we'll discuss what all the things
08:18can be achieved with AI in your financial institutes.
08:23And just make sure if you're looking for one, if you're looking to develop one or implement
08:28AI in your business, or you want to make any financial applications, you can definitely
08:33get in touch with us at ibixo.com and our email is sales at ibixo.com.
08:39Now let's move towards the things you can do with AI in your financial institutes.
08:45First one, increased automation in financial services.
08:48That's a header overall, you know.
08:50Now the second one, enhanced personalization for every user.
08:55Third one, which is very important for you, robust risk management and compliance.
09:01Fourth one, fraud detection.
09:04Fifth one, integration of AI with blockchain to avoid any fraudulent transactions and to
09:11make sure that the system is jam-packed with powerful assets, right?
09:16And the sixth one, AI-powered financial advisory services.
09:21Now this is very important.
09:22So if you are in financial institute, if you are using AI-powered financial advisory, that
09:28will reduce your work by at least 80% and suggest something really good to your clients
09:34with minor things in place.
09:37You know, for the research, you might need around a week of time that can easily be achieved
09:41within 20 minutes of time on a really good AI model.
09:46So develop one for your financial services and if you find this video interesting, make
09:50sure you comment something, you comment about how you like the video, you comment about
09:55what you want next to be in the video and we'll definitely create a new one for you.
10:00Make sure in case you're looking for any web mobile development with AI, without AI, get
10:05in touch with us at sales at ibixo.com and we have a very, very, very interesting blog
10:12about the whole topic, much more details than this video.
10:16You can find the link in the description.
10:18Stay tuned.
10:19Stay safe.
10:20Signing off from IBIXO studios, Deep Kalia.
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