• Automated Document Management:

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.

• Fraud Detection and Risk Management:

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.

• Chatbots and Virtual Assistants:

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.

• Credit Scoring and Loan Processing:

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.

• AI Advisory Services:

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.

• Impact:

Futurism’s AI-driven solutions have had a profound impact on the bank. Some of the key benefits include:

• Reduced Operational Expenditure:

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.

• Enhanced Security:

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.

• Improved Customer Experience:

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.

• Increased Operational Efficiency:

AI-driven solutions, such as credit scoring and loan processing systems, have streamlined various banking processes, reducing manual intervention and improving overall operational efficiency.

• Cost Reduction:

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.