The financial services landscape is constantly changing. Challenger banks and a new generation of lenders are competing with traditional financial institutions in ways that, just a few years ago, seemed impossible, and alternative payment methods are quickly evolving. This forces financial institutions to be increasingly more innovative. Where technologies like open banking have so far been paramount to these changes, the financial services industry is now entering a new phase of the digital transformation; artificial intelligence. 

‍

Driven by the emergence of big data, the increased availability of infrastructure, regulatory requirements, and the aforementioned competitive landscape, AI is already changing the quality of products and services being offered by the financial services industry. Its use cases are many: Improving customer experience, for example through the use of chatbots and predictive AI. Helping build financial resilience through highly personalized products tailored to a customer’s specific needs. Importantly, it’s also capable of simplifying and automating traditional banking processes such as fraud detection, payment processing, cash reconciliation, underwriting and claims management, making these highly repetitive and labor-intensive jobs more efficient.

‍

With the emergence of these AI technologies, data has now become one of the most valuable assets any financial institution has, and innovation is increasingly measured by looking at an organization’s ability to harness the power of that data. In spite of this, most organizations in the industry are still in the very early stages of AI adoption and investment.

‍

Enter Bud; a cutting-edge financial technology company, whose AI-powered data enrichment solutions provide financial institutions with the tools to simplify decision-making at every touchpoint. Since its inception, Bud has been diligently developing foundational language models that leverage financial data - culminating in the launch of their cutting-edge AI core, Bud.ai.

‍

By enabling developers, marketers and risk professionals to integrate Bud’s financial analysis into their work, financial institutions can supercharge user engagement through hyper-personalized experiences, uncovering more opportunities to connect consumers with suitable financial products. This means that organizations can improve return on investment and customer lifetime value; reduce churn by automating (or significantly optimizing) processes and therefore increase their bottom line; deliver hyper-targeted messaging to customers; and upsell their products at the best possible times.

‍

The growing focus on – and capabilities of – AI in the financial services industry means organizations need to implement AI strategies quickly, or risk being left behind by their peers in a tough, competitive landscape. Transform financial data into a wealth of new customer insights with Bud and revolutionize the way you operate today. Discover Bud’s ground-breaking AI solutions.