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How can AI Predict your financial future?

Submitted by Blinx AI on Thu, 10/06/2022 - 00:03

AI in financial services are enormous. This simple, comprehensive lexicon provides a foundation for your exploration of artificial intelligence and the various use cases accessible to tackle your most pressing business concerns.

Artificial intelligence in financial industry
As the drive for increasing automation and AI adoption increases in the financial industry, businesses must evaluate which AI solution is best for them. AI integration into existing workflows is becoming more popular since it may increase productivity and ROI. It might be a difficult and scary process for corporate executives, especially given the hefty price tag that is sometimes attached to these sorts of initiatives.

The Growing Impact of AI in Financial Services
While many businesses may leap right into employing more people and building a team to create AI models from scratch, there are numerous ready-made AI apps available for purchase today that may be just as successful without the extra complications. Off-the-shelf artificial intelligence in financial industry, such as Blinx’s full AI lifecycle automated platform, covers a wide range of industry-specific use cases and has viable alternatives for creating an AI model. Based on the data sets, the users can predict the prices of houses, work on the best areas to invest in, loans and debts, credit card churn prediction, and many more.

Artificial Intelligence Applications in Financial Services
Artificial intelligence in financial industry is very useful in corporate finance because it can forecast and analyze loan risks more accurately. AI technology such as machine learning can assist in enhancing loan underwriting and minimizing financial risk for businesses wanting to raise their value. By detecting sophisticated fraud and detecting aberrant behavior as firm accountants, analysts, treasurers, and investors strive for long-term growth.

Benefits of AI in Financial Services
The adoption of AI financial services is increasing nowadays, with many businesses recognizing the advantages of doing so rather than constructing their own proprietary models. Many AI solution providers have spent a substantial amount of time analyzing certain sectors and designing apps that are widely used and can be easily integrated into current processes and technological stacks.

House Price Prediction APP

Of course, ready-made financial services AI solutions for purchase can be a far more cost-effective alternative for businesses and can be more swiftly integrated into existing processes. The seamless integration associated with these sorts of solutions makes them appealing to businesses that want to see cost savings and increased efficiency sooner than designing a solution from scratch.

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Furthermore, with a custom-built model, there is regular maintenance and testing plan that must be followed in order to keep the model in working condition and spot any anomalies or mistakes in results. This increases staff burden and renders systems more vulnerable to human mistakes. Companies may benefit from real-time upgrades and security assessments that guarantee the models remain in excellent shape when they choose a ready-made AI system.

Future of AI in finance
AI adoption will continue to expand in the financial services industry, with worldwide AI investment expected to more than quadruple between 2020 and 2024, reaching more than $110 billion. While businesses desire the increased efficiency and cost savings that AI may provide, company executives must decide whether to design an AI model or acquire a ready-made AI solution.

To reap the benefits of AI without the bother of assembling a specialist staff or retraining current employees to code, a no-code NLP platform, such as Blinx, may offer you off-the-shelf solutions for analyzing textual data. Blinx is a US-based full AI lifecycle automated platform that provides AI and ML models to analyze and predict situations or use cases. It is accessible to 40+ industries by providing a wide range of use cases suitable to every sector. Begin your free trial today to learn how Blinx can help your company smoothly integrate NLP into its operations.