Banking & Financial Institutions
The most powerful use of AI in the banking sector is the ability to combat fraudulent transactions and improve compliance. The use of cognitive computing for advanced data analytics give banks the ability to manage huge volumes of data and extract valuable insights at speeds that are way beyond traditional methods. The use of AI Chatbots and algorithms to quickly and effectively detect fraud has exponentially improved the customer experience, increasing loyalty and revenue while reducing costs.
- One-on-one marketing
- Compliance enforcement
- Loan risk prediction
- Competitive research
- Customer support
- Fraud detection in payments
Customer Story
Consumer Profiling
Some of our Customers
A major European bank approached MindWave to harness insights about their existing customers in order to target them better.
Challenge
- Identify ideal customers to be targeted for specific offers
- Identify distinguishing characteristics of each customer such as their interests and preferences
- Segment, cluster and classify customers based on multiple criteria to help grow their business
- Very limited information from the bank that included only the name, e-mail address and location of each customer
Solution
- Core NLP to recognize, translate and use data in non-English European languages
- AI algorithms to search and capture relevant data given only the rudimentary information from the bank
- Predictive modelling to identify customer preferences
- Clustering of search results filter irrelevant data
- Category extraction and external data capturing such as economic / social profiles based on regions, neighborhoods and demographics
Result
MindWave was able to effectively:
- Collect and analyze the vast variety of data from the public web
- Identify core characteristics of each customer by extracting relevant concepts and respective categories
- Filter out irrelevant results and provide
- Ensure all data solely resided on the bank’s servers