By: Jasmine ANAND
9 aUGUST 2023
Generative AI's applications within banking sector are wide-ranging, with potential to impact critical areas such as data privacy, fraud detection, risk management & customer service. Here are the top 5 use cases of generative AI in banking & financial institutions.
Generative AI-powered chatbots are streamlining loan application processes by assisting clients with form completion & addressing queries.
Generative AI serves as a decision-support tool for loan underwriters, offering risk analysis and tailored suggestions based on customer data.
Banks leverage generative AI-driven chatbots to engage potential customers, understanding their preferences and needs, thus, creating customised lending product recommendations.
Generative AI assists credit analysts in evaluating consumer credit ratings & financial backgrounds to assess creditworthiness from multiple sources to gauge the risk associated with loan applications.
AI analyses market trends to foresee potential risks, such as defaults on loans or credit cards, thus, minimising vulnerabilities arising from market fluctuations.