Wed. Jul 17th, 2024

Are you fearful of losing customers to competitors and alternate lenders that focus on great customer experiences? Or are you afraid of a data security breach in your confidential records? Banks today have two main yet contrasting goals: managing risk vis-à-vis, creating a great customer experience. The banking sector is switching to modern technologies such as AI and Machine Learning for innovation to accomplish this dual strategy.

By making a breakthrough, machine learning, a branch of AI, facilitates machines to perform self-service tasks. It is increasingly adopted by banks in key areas of customer sentiment analysis, personalized marketing, fraud detection, risk management, etc. Click here: to explore how a machine learning platform can impact key banking processes and improve your offerings.

But, not all machine learning platforms are created equal. Here’s a guide that will help you choose a platform that’s robust, rational, and scalable:

Agile Models

Is the platform well-equipped to support multiple models and go beyond it to support your operations’ custom models? Consider a platform with a flexible and agile architecture developed by adept data scientists who have domain expertise in the BFSI sector.

Explainable Logic

Does the platform include a human-readable and explainable artificial intelligence layer? This will enable banking organizations to identify and understand predictions that have the greatest impact on the results. On the other hand, systems that make decisions in a tighter model are bound to face a control problem, and organizations cannot validate the decision. Click here: to know how explainable AI can be incorporated into the platform.

For instance, an unexplainable AI layer could make it harder to provide the reasoning to borrowers for credit denial. Bank executives need to know the reasons and workings of the credit score decisions to make it more explainable and audit-friendly.

360 Degree Visibility

Does the platform incorporate data from multiple sources to ingest all kinds of customer signals, behavior, patterns, and trends? Taking data from multiple channels helps keep pace with customers’ evolving preferences to tailor a personalized experience and keep a tab on fraudulent activities.

Uninterrupted Services

When implementing new systems, typically, ongoing operations need to come to a halt for a brief amount of time, resulting in revenue loss. Does the platform enable quick deployment with no service interruption?  

Most of all, the machine learning models should automate deployment with a fast production whilst monitoring the health and accuracy of deployed models.

User Management

Banking organizations with 24/7 operations and distributed teams can have several people logging into the platform. Therefore the platform should have configurable workflows so that every user gets the right access and insights at the right time.

The Way Forward

The application of automated machine learning in the banking sector is more than a trend today. With evolving customer expectations and digital upheaval, banks are driven to adopt machine learning models that not just automate day-to-day tasks but also enable them to make intelligent data-driven decisions. 

As a result, this will help banks manage risk and offer an enriching customer experience.222

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