Banking and AI
Today's banks need to deepen existing relationships while finding new clients in new markets and compete aggressively for the best business, rather than waiting for business to come to them. Obviously AI has the power to help with all of these goals by leveraging your own data about clients, how their needs have evolved, and their channel preferences.
Allowing banks to gain market share, deepen relationships, and compete for and win the best business, while efficiently complying with regulations and fighting financial crime.
Below are some of the key use cases of Obviously AI’s predictive analytics in the Banking industry.
1. Predict Default Rate
Obviously AI can be used to estimate default probability, loss severity, and for loss forecasting, using past client behavior data. These predictions improve pricing for risk, credit approval, and portfolio management. Obviously AI also automatically updates, making credit scoring more precise as models learn the nuances of discrete populations.
2. Financial Crime
Fighting financial crime, especially money laundering and fraud, is more important than ever and is getting more challenging as criminals get ever more sophisticated. Using Obviously AI banks can use their historical fraud data to accurately predict and detect suspicious activity and fraud in real time. These predictions continue to get better over time.
3. Cash Management
Obviously AI can predict new loan demand, prepayment speed, and ATM cash requirements using historical data on cash inflows and outflows to improve cash management. This allows banks to have the right amount of cash on hand where and when they need it and to optimize the return on excess cash.
Obviously AI can predict which prospects are likely to become the most profitable clients allowing banks to prioritize leads and referrals. Banks can also gain insights for targeting their offers more precisely, predict client price sensitivity, tailor their value proposition, and estimate price-volume elasticity.
Why Obviously AI?
Obviously AI's predictions come at an unparalleled speed of less than a minute and an incredible accuracy. We strive to ensure that both you and your clients, win.
- Incredible Speed: Obviously AI delivers predictions in under 30 seconds.
- Works with raw data: Forget about writing SQL queries to wrangle your data. Just ask a question in plain english (e.g. "Who is likely to default on their loans?") and it will auto-find the right data for your prediction. Learn more about how it's done here.
- Great Accuracy: Prediction results often see 70-85% starting accuracy, update automatically and get better with time. Allowing you, to export these reports with confidence.
Join companies like AAA Insurance and CocaCola in transforming how your business makes data driven decisions.
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