Artificial Intelligence is being utilised across industries to solve pressing issues and improve traditional processes to enable automation and enhance efficiency. One such industry that is revolutionising its ways with AI is the finance industry. Here are some of the recent advancements in the finance industry that are based on Artificial Intelligence.Â
Google’s Lending DocAI Uses Machine Learning To Expedite Mortgage Application Processing
Unlike other industries such as healthcare, education, business, and finance among others, the mortgage industry is still manually processing the paperwork of its customers.
Lending DocAI by Google is a mortgage document processing solution and is the latest addition to Google’s Document AI. The tool reads documents using OCR (Optical Character Recognition) to gain useful insights. It also utilises several unique machine learning models to extract specific data from documents used in mortgage lending.
AI: A game-changer for financial inclusion
Financial inclusion has remained a challenge for India, even though Jan-Dhan accounts have ensured the provision of basic banking services to the poor. Aadhaar-enabled DBT has also not only plugged leakages but also ensured timely benefits and access to cash, especially in the COVID-19 pandemic. All these initiatives need to be scaled up to provide more financial services to the poor, farmers and the self-employed by enabling easy access to credit and ensuring that agriculture activities are supported and businesses are funded to help add value and create jobs.
With the push for increasing farmers’ access to financial services, banks and financial institutions have to be wary of financial frauds and must be equipped to conduct fair credit assessments. AI-based tools can enable all this by using data and machine learning algorithms to detect financial frauds, assess creditworthiness and help banks offer quality advice to customers. AI can also help improve customer service, sales, and retention efforts of banks.
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