AI \ Case Study \ A Leading American Bank Cuts Operational Expenditure by 50% with Futurism’s AI Solutions

Growth of eCommerce Company

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.

Challenges Faced by the Client.
  • Problems with Document Management:The client had expanded their operations, resulting in a substantial increase in the number of documents. With 30+ million loan application forms and supporting documents, the client aimed to automatically analyze, index, and classify these documents. Additionally, they sought to explore the potential of Smart Automation for document classification purposes.
  • Challenges with Customer Service:Bank produced an immense amount of data daily through transactions, loan applications, and various other banking activities. Even the most basic customer actions, such as withdrawing money from an ATM, serve as data points that can be utilized to improve the customer experience. The client aimed to harness the potential of this data to expand and enhance their customer service offerings.
  • Rising Customer Attrition: The client was experiencing a loss of nearly 10% of its home loan portfolio annually due to customer attrition. The client aimed to comprehend the causes of customer dissatisfaction and their intent to leave, enabling them to refine their operations and elevate the customer experience.


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.

  • 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.

Results Achieved

200% Business Growth

The AI-driven personalization, coupled with effective inventory management and improved customer support, contributed to a 200% increase in online sales and revenue over 18 months

Enhanced Customer Satisfaction

The AI-powered customer support chatbot led to faster response times and more accurate issue resolution, resulting in a 35% increase in customer satisfaction ratings.

Reduced Stock-outs

The AI-based inventory management system helped the client reduce stock-outs by 60%, minimizing lost sales opportunities and improving overall operational efficiency.

Improved Customer Retention

By delivering a more personalized and seamless customer experience, the client saw a 40% increase in customer retention rates.

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.


Case Studies


ChatGPT and GenAI Revolution: Transforming the Future of Business

March 6, 2023

As Artificial Intelligence (AI) continues to advance at a rapid pace, it’s no wonder that businesses are turning to Generative AI aka GenAI solutions...

Read More
AI in Healthcare: Transforming Care Experience

January 3, 2023

Healthcare is one of the major sectors that has witnessed a steep rise in the demand of technological advancement...

Read More
AIoT: When AI Meets IoT

December 11, 2022

The Internet of Things aka IoT is creating a treasure chest of big data. The data can assist businesses to predict incidents...

Read More

Let's Talk About Your Needs

Make your business more successful with latest tips and updates for technologies