FPT is no stranger to the banking and finance industries. We are constantly implementing new technologies like blockchain, AI, and Big Data to optimize banking and finance. These technologies hold promising benefits such as improved productivity, fraud detection, and overall system improvement. Our goal is to provide our customers with the most secure and efficient financial systems possible.
By using a case study of a recent client as an example, we’ll discuss different types of artificial intelligence and the benefits they have on the banking and financial sectors.
A Greatly Improved Banking Chatbot
Our client was one of the largest corporations in Japan in finance and capital. They had to respond to hundreds of customer requests daily and wanted to save costs by reducing human labor. They tasked FPT to come up with a chatbot system to answer all of their customers’ questions and concerns.
While closely working with our partner, we developed an AI platform and trained it to respond to all potential customer questions. The AI was able to understand the context of questions based on previous interactions and BERT AI software. The AI was designed to continually improve and learn from interactions with customers.
Benefits of Artificial Intelligence
The future of artificial intelligence is a bright one. AI is pushing the boundaries of what machines and software can accomplish, allowing them to function with increased autonomy. In general, AI allows businesses to dedicate more resources to more important tasks by freeing up previously engaged human resources. Some general benefits of AI for companies are:
- Reduced time to complete complex tasks with multitasking abilities.
- No need for breaks and holidays.
- Help for employees in the completion of their tasks more efficiently.
- Applicability to almost all industries.
- Improvement in the decision-making process.
In our example, the developed AI chatbot provided the client with a range of benefits. For example:
- A natural human language interface.
- Ability to handle several chat scenarios simultaneously.
- User waiting time reduced to virtually zero. Immediate response to questions.
- Workforce reduction: the chatbot can respond to all questions simultaneously, no need for multiple human chat monitors.
- An enhanced user experience.
Types of Artificial Intelligence
In this case, the used type of AI was a chatbot. Designed to simulate human interaction, the chatbot progressively learns to answer more complex questions until it is virtually indistinguishable from the response of a human.
Artificial Intelligence Software
In our example, we used BERT to allow the AI to detect the intent and entities of the user’s queries. BERT (Bidirectional Encoder Representations from Transformers) is an AI software which Google uses to better understand the intent behind searches. As opposed to earlier artificial intelligence software which analyzed individual words, BERT analyzes the words in the context of the sentence. Such an emphasis on context provides the user with much more relevant search results, as meaning can often be lost if the context is not correctly interpreted first.
Artificial Intelligence in Business
Artificial intelligence has virtually limitless potential for business, particularly for the banking and finance industry.
In our case study, the developed AI was able to provide the client with a variety of financial consultation and analysis. For example:
- AI provides the client with shareholder preference information and consulting on expiration date. Such knowledge is based on AI’s interpretation of the stock code and name, the amount invested, the types of incentives, and expiration date.
- AI provides the client with legal, policy, and tax consulting.
- AI provides the client with shareholder incentive consulting. Such knowledge is based on the AI’s interpretation of time, price, incentive type, day, and rate of dividend preference.
- AI provides the client with stock trading transaction performance.
- AI provides the client with analysis of financial and capital market trends.
Below are a few examples of the kinds of questions the AI is able to answer.
- Which markets should shareholders invest in?
- When will shareholders receive their incentives?
- How does the institution get shareholder incentives? What are the conditions for receiving shareholder incentives?
- When is the last possible date to receive shareholder preference?
FPT is in the business of improving companies through innovative technologies. With experience in multiple fields in banking and finance, including insurance, securities, and digital banking, our experts can’t wait to help your company design a secure financial system. Visit our website to learn more about our growing company and see what FPT can do for you.