For the financial sector, the development of AI is proving to be a golden opportunity. In a rapidly evolving global market, where the need for accurate predictions is growing ever stronger, AI is the perfect tool to sift through huge volumes of data and find the hidden trends that can make or break a business.
However, AI is also posing questions throughout the industry, forcing companies to adapt. Through chatbots that can give personalized investment advice and deep learning algorithms that can identify accounts at high risk of fraud, AI is challenging companies to improve efficiency and redefine great service. The choice to develop machine learning models is becoming instrumental in forging a reputation in the industry – or being left behind. Fortunately, it’s just a matter of beginning with the right tools. For those that choose to invest in first class data and rigorously train their new algorithms, a world of exciting new opportunities awaits.
Machine learning applications for the financial services industry
One of AI’s specialities is analyzing trends in huge volumes of data. It’s no surprise, then, that financial institutions are increasingly relying on AI to make the snap decisions that drive the market. By analyzing the sentiment of corporate statements and processing historical data in real time, algorithms can foreshadow market performance with an accuracy rate that is beyond any human.
With so much valuable information being stored online, financial services are prioritizing investment in AI that can reduce security risks. Machine learning algorithms can detect unusual activity as it develops, while also identifying which accounts are vulnerable to fraud. When combined with the development of biometric voice recognition, AI is able to target genuine threats while reducing the number of false flags produced by the system. As risks diversify with alarming speed, deep learning algorithms will be a vital tool for protecting financial services and their customers.
In recent years, investors have come to see personalized service as the mark of a great business. Chatbots and other Natural Language Processing algorithms are bringing this trend into the world of finance. By analyzing a customer’s data, these programs can offer individual investment advice, manage portfolios according to accepted risk level, and give tailored recommendations. They are also able to answer questions on a range of topics from opening an account to making a transaction in a range of global languages, thanks to detailed, multilingual training data.
A machine learning model requires reams of relevant, customized data if it’s going to predict market trends with pinpoint accuracy. Lionbridge prides itself on its ability to create and annotate datasets that are rich with the detail you need. We’ve spent 20 years curating a crowd of 500,000 certified language professionals who are perfectly placed to provide the gold standard for your project. Whether you need detailed sentiment analysis or a native-like chatbot, our scalable data service can lay the foundation for an algorithm that could take your business global.
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