Artificial intelligence, or AI, is well beyond the stuff of science fiction. It is now well established in the public consciousness, rapidly making inroads into nearly every sector and business organization. Recognizing one industry ripe for growth, VASS Intelygenz is offering the financial services sector a new opportunity to enhance profitability through AI-driven machine learning. From traditional banks to blockchain-enabled platforms, VASS Intelygenz leverages the power of AI expertise to create greater efficiencies and open up new revenue streams in the financial services industry.
Many industries may experience initial resistance to the rapidly evolving nature of AI, and AI in the financial services industry is no exception. Yet when implemented correctly, AI in banking can transform the industry through enhanced fraud protection, better compliance, and advanced customer analytics. VASS Intelygenz’s banking AI solutions can be a complete game changer for profitability.
FinTech Leading the Charge
Many organizations that blend the financial services industry with Big Tech functionality have already adopted various AI tools with great success. In particular, compliance programs that have enacted AI-automation for Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions have seen reduced costs and increased accuracy in compliance tasks. Similarly, banking automation tools can help quickly and efficiently review customer data for lending.
AI fraud prevention solutions like VASS Intelygenz’s Fraud Guard can make an outsized impact in deterring fraud, providing real-time data to banks while protecting customers’ assets. AI customer intelligence tools offer greater personalization to customers, quickly recognizing and learning customer profiles for more effective marketing campaigns at reduced costs. VASS Intelygenz cites one of their customers who achieved an unprecedented 736% AI ROI using AI tools dedicated to customer analytics in banking as key evidence of the effectiveness of their solutions.
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Compliance Matters: Using AI Safely
The financial services industry is arguably one of the most heavily regulated industries in the U.S. today. As such, failing to enact robust compliance policies can result in devastating consequences. Responsible AI compliance tools in Governance and Risk programs can help businesses navigate the often thorny regulatory environment.
VASS Intelygenz’s tools can provide key insights for decision-making mechanisms, offering detailed explanations for why a loan was declined or why a transaction was flagged for fraud. These tools can help support governance frameworks to ensure better security and compliance. Moreover, as VASS Intelygenz’s leadership has deep-rooted experience in the FinTech space, they recognize the importance of complying with fair lending, data privacy, and providing a clear audit trail. AI risk management solutions have been developed by experts with the specific needs of the industry top of mind.
Business Strategy: Scaling AI from Pilot to Production
While technology alone cannot guarantee success, thoughtfully integrating scalable AI solutions where they can have a broad impact is a good start to growing and scaling an organization. Banking organizations can start with clearly outlined objectives before assessing how AI tools support these strategies. Successful implementation relies on a structured change management process supported by an organization’s leadership. VASS Intelygenz partners with the executive leadership to provide detailed training, leading to better outcomes across the organization.
While banking organizations often struggle to move these tools out of the pilot phase and into AI deployment, VASS Intelygenz relies on a proven framework to deliver a viable AI solution in weeks, not months or years. As a prime example of the success of their methods, VASS Intelygenz co-created a new digital banking solution directly with a U.S. banking client. The program scaled rapidly, with 100,000 users in the first several months alone. Intelygenz relies on proven best practices throughout implementation and scaling, leading to impressive ROIs.
Through these proven methods, FinTech AI innovation needn’t be a far-off sci-fi dream. VASS Intelygenz offers clear leadership and mindful solutions to position the financial services industry not just as an adopter of AI, but also as a leader.
