Big Data Analytics Solutions | Financial Services in India |Decimal Point Analysis
Image 27 January 2020


AI Predicts When Consumers Will Make the Next Purchase

The Royal Bank of Canada has developed an AI that can predict when consumers are about to make major purchases. A computer system can receive transaction data and create “structured” data in which purchases are identified and labelled. A “recurrent neural network” would then be trained to build a model that could be used to predict the likelihood of a purchase. The model can then provide purchase prediction on new clients who are waiting to be scored on their likelihood to buy a vehicle, a home, a vacation, or the like, and thus predicts the likelihood of various upcoming transactions. Read More



An AI-Powered FinTech Mobile App

AllocateRite, a New York-based FinTech and data science company that provides investment managers with ETF-based dynamic asset allocation strategies and risk analytics, launched an AI-powered mobile app to democratise wealth management. AllocateRite’s AI-powered strategies use portfolio construction and risk management techniques to offer risk-adjusted returns over time. The mobile app is expected to link easily to the user’s brokerage account to use the company’s strategies. It also gives the flexibility to allocate either a partial amount or the entire amount of user’s account to the company’s strategies while maintaining full custody and control of his/her account at the brokerage firm. Read More


Capital Markets

AI to Curb Market Manipulation in Securities Market

The Securities and Exchange Board of India (Sebi) plans to implement AI, machine learning, big data analytics and natural language processing tools to spot market manipulation via social media posts. The new plan involves creating a "data lake" project to augment analytical capabilities. In efforts to curb possible manipulations in the securities market, Sebi has been keeping a watch on social media and there have been cases where social media posts have helped in acting against manipulative activities. Further, AI/ML tools are being increasingly deployed in fund management, trading, supervision and surveillance functions in the capital markets. Read More



An AI-based Finance Platform

Indian firm, AppZen has released its enhanced AppZen Platform, using AI to automate audits and other financial processes. With the AppZen Platform, users can automatically compare vendor invoices with shipping documents such as bills of lading to compare the shipper, consignee, carrier, load number and quantities to make sure the invoice is accurate. The software can also be used to read credit card statements to identify expensed items and confirm they fit in with company policy. The AI technology can also extract data from contract documents and compare it with financial statements. Read More



AI Boosts Breast Cancer Detection Accuracy

The radiology department at New York University’s Grossman School of Medicine have developed an AI tool—trained on roughly a million screening mammography images—that can identify breast cancer with approximately 90% accuracy when combined with radiologist analysis. The study revealed that AI identified cancer-related patterns in the data that radiologists could not, and vice versa. The AI detected pixel-level changes in tissue invisible to the human eye. The research team trained their neural network by programming it to analyse images from the database for which cancer diagnoses had already been determined. The researchers measured accuracy in the frequency of correct predictions. Read More



An AI-Enabled Chatbot Solution

Telecommunications company, 9mobile has announced the launching of a personal digital customer assistant on its network called, Enin. The AI-enabled chatbot solution would interact with customers by providing virtual assistance to them just as a human would. The chatbot reportedly helps customers do various things on the 9mobile network such as airtime purchase, subscription to data plans, presents customers with offers, bonuses, sales, reminders, notifications, recommendations, subscriptions and customer service information. It is also programmed to help to activate or deactivate services, as well as hand a customer over to a live agent, among other services. Read More


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