2 min readJul 12, 2021


The need for all sorts of bots

When it comes to the financial sector, AI is most prevalent today in credit scoring and analysis of large amounts of unstructured data, which all major banks have.

In many banks around the world, the decision to grant a loan or not is already made by AI. AI technologies simplify reporting and help manage remote branches. In addition, artificial intelligence is used to recognize potential risks and minimize their consequences. For example, by processing large databases, AI can detect signs of fraud or attempted money laundering.

A large number of European banks have long used machine learning to optimize key business processes, such as credit scoring and CRM. The relevant models are working “in the fight” and are generating profits. Banks are continually experimenting with new machine learning algorithms, such as uplift modeling and reinforcement learning. Organizations are also focusing on methods for processing unstructured data, such as raw audio and natural language. Methods are relevant to the specific business problem. In banks, many AI technologies have long paid off.

- An interesting example of an AI application is a chatbot that allows any bank customer to get an answer to their question by formulating it in natural language in a chat room, and a phone call recognition system that automatically generates texts of customer phone conversations with the contact center operators. “Texts” of conversations are a kind of new data modality that allows for a better understanding of customers and providing them with better services. AI is also able to pick up subtle or barely perceptible human dependencies and help the employee to make decisions.

The voice assistant correctly identifies up to 95% of the customer’s spoken words. Contactless interaction makes it possible to make money transfers, make restaurant reservations, buy cinema tickets with a cashback, search for special offers from partners, advise on banking and promotions, change personal details, order and send electronic documents (e.g. a certificate for an embassy) and much more.