Envestnet | Yodlee
What is Artificial Intelligence?
Artificial intelligence (AI) is intelligence demonstrated by machines that makes it possible for them to learn from experience, and perform human-like tasks such as checking an account balance or performing support functions.
What is AI’s Role in Finance?
AI can predict the likely reactions of customers to various situations and challenges, making the financial industry decisions smarter and quicker.
How Artificial Intelligence is Used in Finance and Banking
AI is playing a leading role as the banking world changes to better serve today's customer expectations. A Varo Money survey found that 79 percent of U.S. adults think AI could help them manage their money better and an even greater number said they would take advantage of AI tools if their bank offered them. Millennials in particular are interested in AI for mobile banking, including assistance with paying bills, analysing cash flow and connecting accounts.
Bank of America is leading the way in artificial intelligence in banking with its AI-driven virtual assistant, Erica. Twenty-five million mobile clients are able to use Erica to search past transactions, learn about their credit score and money management, schedule payments and transfer money.
How AI is Changing Fraud Detection
In addition to efficiency gains, AI is also behind critical improvements in fraud detection and security procedures. Old methods produced too many false positives to be effective or efficient. Using artificial intelligence, humans can “correct” false positives and the computer won’t make the same mistake again. PayPal uses this technology to keep their fraud at a low 0.32 percent of revenue. Compared to the industry average of 1.32 percent, that’s a powerful testimonial for the effectiveness of AI and machine learning in finance. This cutting-edge technology improves the customer experience by making PayPal one of the most secure methods of payment for both individuals and small businesses.
While the terms artificial intelligence and machine learning can be used interchangeably, there are differences in the world of banking and finance. AI can perform human tasks to some extent. Machine learning is the process of gathering and analysing the data that informs AI.
Yodlee and AI in Finance
Envestnet | Yodlee is a pioneer in the world of machine learning. Our new artificial intelligence app, AI FinCheck, is an integral part of our Personal Financial Wellness solution.
Yodlee’s data reach includes billions of transactions. Using predictive analytics, our solutions compare a customer to their peer group. This allows them to offer recommendations that are personalised to each customer, effectively giving consumers control of their financial destinies.
Only Envestnet | Yodlee brings together data + intelligence using the best financial data available. By applying artificial intelligence, Yodlee enables financial institutions and FinTech innovators to deliver better outcomes and solutions for their customers.