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Banking, Financial Services and Insurance (BFSI)
BFSI is another segment that has taken to an early adoption of Data Analytics driven AI-ML adoption with many practical applications including credit risk prediction, banking fraud detection and client churn management - all of which are extremely critical use cases within this sector. Some of the potential use cases include:
Banking Fraud Detection - correlation between online transactions and client profiles
Conversational AI - query or complaint resolution through NLP chatbots
Client Churn Management - triggers to take timely action through sentiment analysis
Cyber Security - client data protection adherence, real time threat detection, mitigation
Credit card security - correlation between transactions and client spend habits data
Algorithmic trading - automated portfolio management through self-learning algorithms
Credit scoring - for recommendations on faster loan approvals based on data
Lowering operational costs - underwriting and claims processing
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