Cognitive Business Solutions

Financial



3 ways to apply cognitive computing in banking and finance:

1. Customer Service

Cognitive analytics can bring value to banking call centers by helping to assist customers in a more personal way. With the ability to recognize natural language queries and process unstructured data (e.g. an online text as a source), cognitive systems can provide guidance to service agents during customer communication. Since cognitive systems “understand” the problem, they can provide effective solutions without redirecting calls to multiple departments and therefore saving customers’ time.

2. Advisory and decision-making support

Cognitive solutions can also improve such banking services as loan underwriting, requiring transparency and confidence to make an informed decision. By using artificial intelligence, both customers and loan counselors can get comprehensive information on whether someone qualifies for a loan or not. Cognitive systems allow consolidating personal data from several sources into a holistic profile, reducing the amount of time needed for research.

3. Investment consulting

Business investing is another area which can be greatly improved by cognitive computing. Making an investment decision may take an excessive amount of time while seeking answers and insights from various information sources. Using cognitive systems, banks can rapidly go through investor information sources to explore the latest market changes, calculate risks and limits as well as get recommendations that consider customers’ personal profiles. Thus, banks can provide businesses with up-to-date advice.

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