Today’s digital tools are transforming organizations in every industry, but especially in the financial sector. The increasing adoption of cognitive technology in finance is driven by the technology’s ability to help companies manage a lot of information in near to real time, for a variety of requirements.
The advantages of cognitive computing for finance
As the quantity of data that we have access continues to grow, being able to collect, analyze and exploit it is no longer optional, but essential. The financial sector has its own unique complexity, marked by vast amounts of data, a precise market terminology and many information intensive processes. In addition, it requires highly responsive customer service.
Cognitive technology in finance addresses the challenges of each of these characteristics.
Financial intelligence and information management:
Decision making in this competitive market depends on information in a variety of formats available from a wide range of sources, including news articles, annual report data, emails, transactions and more. Cognitive technology based on AI algorithms that mimic the human ability to read and understand text can be used to accurately analyze information from any source, identify hidden relationships and correlate seemingly disparate information, also between qualitative and quantitative data.
Cognitive Technology in Finance: Process automation
Cognitive computing, natural language processing and text analytics excel in automating information intensive processes such as customer interaction, claims management and contract integrity. Through a human like understanding of text documents, these technologies bring tremendous cost savings and customer satisfaction advantages through the intelligent automation of time-intensive manual processes.
Cognitive Technology in Finance: Customer service
Today’s banking customers expect to be able to do business anytime and from any device. Mobile and online banking systems that apply cognitive technology can respond quickly and effectively to customer requests by understanding the customer’s needs in their own words.
The cognitive Cogito technology will always keep you up to date and one step ahead of the competition by providing the valuable insight that decision makers need to implement new strategies faster.
Don’t let your analysts spend hours or even days on spreadsheets or report to look for relevant information! Pass this task to Cogito and watch how fast it can extract entities, highlight relationships, produce analytics, and improve the efficiency of your processes by adapting itself to your constantly changing world and data.