AI \ Case Study \ A Leading American Bank Cuts Operational Expenditure by 50% with Futurism’s AI Solutions
The client, a leading American bank that operates throughout the country and world providing banking and financial services. In order to maintain their growth trajectory and enhance the customer experience, they sought to automate their banking processes by leveraging artificial intelligence and machine learning technologies. Futurism Technologies, a leading digital transformation and business intelligence solutions provider, has been at the forefront of leveraging AI to improve the banking experience for both customers and financial institutions. This case study delves into Futurism’s innovative AI solutions and the impact they had on the bank.
Futurism collaborated with the Bank to bring their artificial intelligence concept to fruition within a 10-week timeframe. Our DX team, comprising of data scientists, developers, designers, testers, and product managers, worked in close coordination with the client to automate their intricate banking procedures.
Futurism proposed and executed a smart AI-based solution to deliver results for the bank. The solution automatically analyzed documents and their context, subsequently auto-classifying them. This process facilitated document and pattern discovery, making the information searchable and retrievable through a Naïve-based algorithm.
Futurism developed a sophisticated AI-driven fraud detection system that leverages ML algorithms to analyze transaction patterns and identify potential fraud. By using advanced data analytics and historical data, the system can recognize abnormal transactions in real-time, allowing the bank to take swift action in mitigating risks and preventing financial losses.
To improve customer engagement and satisfaction, Futurism developed AI-powered chatbots and virtual assistants for the bank. These intelligent virtual agents are capable of handling customer inquiries, providing assistance with transactions, and offering personalized financial advice. This has significantly reduced the workload on customer support teams and allowed for a more streamlined customer experience.
Futurism has also implemented AI-based credit scoring systems that use AI/ML algorithms to assess the creditworthiness of loan applicants. These systems take into account a wide range of factors, such as income, credit history, and employment status, enabling banks to make more accurate and unbiased decisions about loan approvals. As a result, the loan processing time has been significantly reduced, leading to faster disbursal and increased customer satisfaction.
Futurism’s AI-advisory platforms use AI to provide personalized financial advice to customers based on their financial goals, risk appetite, and investment preferences. By automating the process of portfolio management and offering tailored recommendations, AI-advisor has made wealth management more accessible and cost-effective for a wider range of customers.
Futurism’s AI-driven solutions have had a profound impact on the bank. Some of the key benefits include:
Futurism’s AI solutions helped the bank to cut operational expenditure by 50% while driving accuracy and saving hundreds of man hours per month through automated and intelligent document management.
By implementing AI-based fraud detection systems, the bank can now proactively identify and prevent fraudulent transactions, resulting in increased security and trust among customers.
The use of AI-powered chatbots and virtual assistants have improved customer interactions and reduced wait times, leading to a more seamless and satisfying banking experience.
AI-driven solutions, such as credit scoring and loan processing systems, have streamlined various banking processes, reducing manual intervention and improving overall operational efficiency.
Automation of processes through AI has led to significant cost savings for the banking institution, as manual tasks have been replaced with more efficient and intelligent AI-driven solutions.
Futurism’s innovative AI solutions have played a crucial role in revolutionizing the bank’s operations. By leveraging the power of AI, the bank has been able to create solutions that not only improve the customer experience but also enhance the operational efficiency and security.
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