Leverage AI/ML to Enhance Financial Services

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Financial services institutions are in the process of a major transformation initiated by the powerful combination of Artificial Intelligence (AI) and Machine Learning (ML). 58% of FSIs admit that AI is important for future success. AI/ML has empowered them to curate greater customer experiences, make operations more efficient and drive greater innovation in products and services. 

AWS is the leading provider of AI/ML services, offering robust and scalable solutions tailored for the unique needs of financial services. Financial institutions can take advantage of the power of data with the help of AWS AI/ML solutions, and remain competitive in the market for the long run. 

How Have AI/ML Services By AWS Reinvented The Future Of Financial Services? 

 

Financial institutions are using artificial intelligence (AI) and machine learning (ML), and generative AI services on AWS to transform their organizations faster and in ways never before possible. With AWS, they can automate and personalize experiences, enhance analytics, and increase efficiency on the most secure, scalable, and resilient cloud.

AWS has empowered FSIs in their generative AI journeys with speed, security, and flexibility in a number of ways. It simplifies the development of foundational models (FMs), providing the most price-efficient infrastructure for ML. It collaborates with numerous customers to deploy transformative AI applications, such as Amazon CodeWhisperer. Additionally, AWS offers the flexibility to work with various open-source models from A121 Labs, Anthropic, Stability AI, Cohere, Hugging Face, and Amazon, or to build proprietary models. This diverse ecosystem allows financial institutions to tailor AI solutions to their specific needs, driving faster and more effective digital transformation.

Features of AI/ML for financial services by AWS

 

FSIs recognize and embrace the power of AI and ML. 85% of FSIs already utilize AI in some form, underscoring the widespread adoption and importance of these technologies. And for good reason. They’re eager to discover and make use of AWS financial services to improve upon their customer experience. There are a number of features in these AWS services that include: – 

Customer experience and onboarding

Financial services institutions are using AI/ML technologies and applications to streamline customer onboarding and Know-Your-Customer (KYC) processes. AI/ML also plays a growing role in delivering richer customer experiences.

Personalization

AI/ML allows financial services institutions to develop models that deliver unique experiences, including customized lending or insurance products and rates, as well as highly tailored investment portfolios and products.

Document processing and text analytics

With AI/ML, firms can extract text from millions of documents, understand the sentiment of and relationships between documents, and include a manual step to validate the AI/ML results to ensure compliance.

Predictive analytics

AI/ML predictive analytics help financial services institutions to better anticipate customer demand and manage associated risk. For example, they can accurately predict customer account balances as well as asset demand and derivative pricing.

Fraud detection and prevention

Leveraging AI/ML and analytics services, banking, capital markets, insurance, and payments firms can provide a frictionless customer experience while preventing fraudulent transactions—protecting consumers and their own bottom line.

Credit decisioning and underwriting

Financial services institutions are making faster, more accurate credit and underwriting decisions with AI/ML, and using alternative data sources to offer products to customers without an extensive credit history.

Three things FSIs must do to get started on generative AI with AWS 

 

There are numerous reasons why an FSI would want to invest in incorporating Gen AI into its work environment. But how to initiate your journey by leveraging this technology? Here is a simple three step process to figure this out: – 

Identify Use Cases and Request a Demo

Collaborate with your AWS account team to identify suitable use cases for generative AI. Request a demo that AWS can deploy in your account to visualize the potential benefits and applications.

Explore Foundational Models and Experiment with Prompt Engineering

Engage with foundational models through Amazon Bedrock, Amazon SageMaker, and JumpStart. Experiment with prompt engineering to fine-tune these models for your specific needs and objectives.

Collaborate with AWS Certified Consultants and Partners

Partner with AWS certified consultants and professionals to effectively engage with AWS Professional Services.

This is precisely where Cloud Wizard can be of great help to you.

Cloud Wizard is a Select Tier Partner with AWS that can provide you insightful consultations and apt AWS services that would assist your financial service institution gain operational security and excellence. Some of the AWS services that you could leverage include: – 

  • Amazon SageMaker – Standardize ML workloads for pricing recommendations.
  • Amazon Bedrock – The easiest way to build and scale generative AI applications with FMs.
  • Amazon Lex – Deploy AI conversation for chatbots
  • Amazon Augmented AI – Build workflows for human review
  • Amazon Forecast – Build and deploy advanced predictive models.

Check out our host of AWS services right here!

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