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 enables every business user at your organization to become a data scientist and run multiple predictions experiments in real time. While alternatives can be costly and extremely time consuming (~weeks OR months), Obviously AI delivers machine learning models in less than 1 minute. We strive to ensure that both you and your clients, win.
- Incredible speed: While alternatives can painstakingly take weeks or months to build an ML model, Obviously AI delivers predictions in less than 1 minute.
- Built for Business Users: Most ML tools can be daunting to look at as they are heavily tailored for expert engineers. Obviously AI is designed for Non-Technical user looking to not only build ML predictions but also take business action.
- Self learning: Predictions made using Obviously AI auto update as new data flows in, allowing them to self-learn in real time based on feedback from the real world. Allowing your predictions to get better over time.
“We were crazy impressed and realized we could do everything we wanted far easier without learning R or writing code.”
- Dan Parry, Tectonic London
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