Machine learning (ML) and artificial intelligence (AI) are modernising banking and financial services by better informing consumers and streamlining the lending process.
In today’s minicast we hear from Tony Thrassis, CIO at Frollo, about how ML and AI are accurately analysing unstructured data sets to assist consumers in making informed financial decisions. Thrassis discusses the value in real time predictions and notifications of customer information. The use cases for customers include helping to shed light on discretionary spending as well as assisting with customer savings plans.
“We find across our base, and we have 140,000 customers that there’s more than A$50,000 lost in bonus interest that people didn’t get.”
Thrassis says that another use case is lending, where AI and ML can streamline manual processes such as filling out application forms for credit cards or even a mortgage.
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