Data analysis tops list of AI use cases

WHEN it comes to banking and financial services (BFS) enterprises, data analytics is the top AI use case as this covers fraud detection, credit risk assessments, anti-money laundering transaction monitoring, algorithmic trading, sentiment analysis and others.

- UMA KANNAN

Marketing secured the number two position with 48% of respondents indicating it as a top AI use case. At No. 3 is process automation. "While much of the history of process automation is tied to deterministic technologies such as RPA (robotic process automation) and business process management tools, AI excels in adding cognitive capabilities to automation. If there is data to be consumed in processes such as transaction data, invoices or statements, onboarding materials or loan application content, AI models can be built to add cognitive capabilities," says Why, What, and How Financial Services firms can be AI-First-―a new report from Infosys and HFS Research. With 43% of BFS respondents indicating this as a top AI use case, software development and testing is the top performer.