Easier done than said, this AI transformation

If a customer deposits $9000 in a bank account and another $6000 in another account the same day, is that illegal? Cash structuring is the name of this crime that gets flagged thanks in part to both the end-to-end digitization of processes and a poor understanding of customers and their needs by banks. Strict fraud detection systems that raise many false-positive alerts, the need for decisions with speed and efficiency and poor customer awareness of what constitutes Anti-Money Laundering (AML) have caused a doubling of closure of accounts – both retail and business – between 2020 and 2023.

Using  algorithms to spot patterns that might be indicative of AML violations, AI models are able to examine alerts, look at past transactions for the account and differentiate between a customer who is paying tuition for their kids and someone engaging in a money-mule activity. Large Language Models can even understand payment references quoted in bank statements to point out anomalous transactions such as a cab ride running into several hundreds of dollars. 

Financial engineering - v2024

The Vue.ai platform brings together all the right AI tools for bankers and financiers to simplify processes, enhance customer experiences, and drive operational efficiency. An orchestration platform that aims to uncomplicate AI for enterprises, Vue.ai equips three broad categories of stakeholders in large orgs: Data teams (in unlocking cost-effective platform capabilities) ML teams (that help build and deploy a wide range of models) Business teams (to automate a variety of workflows). A suite of features across four key hubs – Data, Automation, Customer, and Optimization – are at your disposal. 

Data Hub: Centralizing, standardizing financial data

The ability to analyze natural language empowers AI to undertake nuanced yet comprehensive borrower profiling tasks at scale. By understanding the subtleties in a borrower’s communication, AI can provide insightful data for crafting customized credit risk models tailored to specific industries or borrowers. 

Data 360: A holistic view of financial data
Vue.ai's Data Hub helps financial institutions centralize and standardize their data, creating a comprehensive, 360-degree view of customer and transaction information. This holistic approach enables seamless access to clean, structured data, powering all critical applications and decision-making processes.

Industry-specific data models: Tailored for finance
The platform builds industry-specific data models that are designed to manage the complexities of the finance and banking sector. By enriching, visualizing, and segmenting customer and transaction data, Vue.ai ensures that institutions can create real-time Customer 360 profiles, enabling them to understand and engage with customers like never before.

Automation Hub: Enhancing efficiency through technology 

Workflow Automation: Efficiency at scale
The Automation Hub is designed to handle large volumes of financial documents, automating workflows to increase Straight Through Processing (STP) rates and reduce costs. By digitizing and streamlining repetitive tasks, Vue.ai frees up teams to focus on more strategic activities, driving efficiency across organizations.

Document Management: Seamless handling of financial records
Automate the management of essential financial documents, ensuring that everything from loan applications to compliance reports is processed quickly and accurately. This not only minimizes errors but also speeds up the time to decision, enhancing customer satisfaction.

Customer Hub: Personalizing financial interactions

Danbury, CT-headquartered, USD 3.1B-asset Union Savings Bank was looking for digital tools to improve engagement and help create better financial wellness strategies for customers. Since launching USB Spending Insights, an AI-powered tool that provides over 50 metrics on customers’ day-to-day spending patterns and assists them in budgeting and saving, the bank has been punching above its weight class. Within four months after launching the tool, the bank reported an increase of 30%-35% in digital frequency, dwell time and overall engagement.

Digital Experience Management: Elevating customer engagement
Vue.ai's Customer Hub leverages advanced algorithms to personalize interactions at every touchpoint. By creating enriched customer profiles, the platform enables you to offer targeted financial products and services, driving higher engagement and customer loyalty.

Real-time customer insights: Empowering decision-making
With real-time insights into customer behavior and transaction patterns, Vue.ai helps financial institutions tailor their offerings to meet individual customer needs. This personalized approach not only boosts customer satisfaction but also drives revenue growth.

Optimization Hub: Enhancing performance, reducing risk

AI's pattern-recognition capabilities far surpass human abilities. It can pore over countless data points, identifying trends that may signify a potential credit risk. Devises early warning systems, improves proactive risk management.

Predictive and prescriptive analytics: Data-driven decision making Vue.ai's Optimization Hub utilizes industry-specific data signals and domain expertise to build powerful predictive and prescriptive analytics models. These models help financial institutions make informed decisions, optimize operations, and mitigate risks, ensuring long-term success in a dynamic market.

Cost optimization: Maximizing efficiency By optimizing workflows and automating routine tasks, Vue.ai helps financial institutions reduce operational costs. This efficiency boost not only saves money but also allows your organization to reallocate resources to more impactful initiatives.

Add a touch of finesse to finance

Hundred thousand qubit quantum computers with error correction mechanisms are within this decade’s reach, a step change in compute power just in time to power up financial services that are well embedded across industries. Target makes more money from financial services than retail. And Macy’s... 47% of their operating margin comes from Macy’s card. As a category, the reach of payments cards, adjusted for the US adult population, is 2.2 times a day – higher than TikTok’s.

Vue.ai is committed to driving innovation in the finance and banking sector through its AI orchestration platform. With domain-specific use cases and the ability to create new ones tailored to needs, Vue.ai empowers financial institutions to operate more efficiently, deliver exceptional customer experiences, and achieve sustainable growth.

How other industries are transforming business processes, using AI

More AI leaders shared their expertise at REBUILD ‘24 Istanbul. Tune in.

• How Vivienne Chan reduced the PDP creation process from days to minutes. 
• Arjun Sarkar, Senior Director of Digital Solutions, Dubai CommerCity on shifting to paperless ID-ing via Vue.ai’s Intelligent Document Processing approach. 
• Dr.Ahmad Darwish, Head of Digital Delivery, Bank Albilad highlighted the predictive analytical ability of AI as an early warning signal for loan recovery

Watch on VueTube
Vishal Subharwal, CMO - HDFC Life and Aditya Agrawal discuss how AI can drive substantial growth for the BFSI sector and how embracing a future-forward mindset can set the stage for transformative success. Excerpted from REBUILD '24 Istanbul, Vue.ai's flagship AI transformation meet-up with 75+ business and technology leaders.

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Straight Through Processing (STP) is transforming the insurance, finance, and banking industries by: Automating document processing Reducing errors
Accelerating transaction times. Dive into these use cases and learn how STP enhances efficiency, ensures accuracy, and boosts customer satisfaction.