It’s a well-known fact that the use of AI applications is rapidly expanding across all the functions in the financial industry. AI in BFSI Market is projected to exceed USD 25 billion by 2024, according to the MarketStudy Report.
The major driving factors for the projected growth:
An increasing demand for customer experience, customer loyalty, rapid growth of digital data VC investments in AI and fintech market space. Financial services companies are looking to leverage cutting edge technologies to provide superior customer experience and retain customers.
According to Broadridge’s 2019 AI Outlook survey findings, Artificial Intelligence adoption priorities for the U.S. financial services companies are
- Data mining, cited by 36% of the respondents
- Post-trade processing (20%)
- Market analytics (13%)
- Trading systems (12%)
To meet the growing demand of AI adoption for Financial Services companies:
Marlabs has developed “AI and Cognitive Computing platform” mAdvisor– Data Scientist in a box, which helps enterprises to translate data into meaningful insights and narratives without any manual intervention. Now enterprises can reduce the analytics timelines from weeks to minutes using mAdvisor.
mAdvisor business impact for one of the leading US investment management firm
- Challenge: the client found it increasingly difficult to sift through and find potentially attractive investments
- Solution: an NLP-based research analytics solution to determine the likelihood of delivering high returns
- ROI – within 90 days, $2.6 million Research Cost saved per year in time spent by analysts on evaluating, monitoring and reporting of stocks, $12.6 million potential savings in analyst wages due to 400% increase in investment opportunities evaluated
Few of Industry Accolades for mAdvisor:
- Aiconics 2018 finalist – Best AI application in Financial Services
- Mentioned in Forrester “The Top Emerging Technologies To Watch 2018” in the NLG category
- Winner – NASSCOM Artificial Intelligence Game Changer Awards – 2018