Customer Support Automation via Chatbots
Chatbots and virtual assistants powered by ML are revolutionizing customer support in finance by providing round-the-clock service and handling requests efficiently.
Example – Bank of America:
Platform | Features | Functions | Results |
Erica | Virtual assistant trained on customer data. | Answers questions, processes payments, provides advice. | Improved customer experience, increased loyalty. |
Using ML in chatbots like Erica not only enhances user satisfaction but also optimizes institutions’ operational costs.
Regulatory Compliance and Reporting
Machine learning in banking significantly simplifies the automation of regulatory compliance and reporting in financial institutions. It helps to:
reduce the number of human errors;
quickly adapt to legislative changes;
ensure data accuracy.
As a result, it becomes possible to efficiently monitor suspicious transactions and automate complex control processes.
Examples of popular RegTech companies:
Company | Activity description | Use of ML | Result |
Risk management platform for compliance. | Scans financial and customer data to minimize fraud risks and enhance security. | Increased reporting accuracy, rapid threat detection. | |
Identity verification and KYC risk management. | Uses ML for automatic recognition of single document management system and biometrics. | Increased speed and accuracy of customer verification. | |
Analytics and risk management in e-commerce. | ML models to prevent fraud in online payments. | Reduced number of fraudulent transactions. |