How NLU Supports Key Financial Processes

written by Expert.ai

When people think of the finance and banking industries, they think in numbers. While understandable, organizations are beginning to realize the importance of their unstructured, language-based data to their business success. With so much unstructured data on hand (and more generated every day), it is critical that organizations not only have a method to process it, but to understand and translate it into actionable structured data.

THE NATURAL LANGUAGE UNDERSTANDING TECHNOLOGY

Natural language understanding (NLU) technology has made language comprehension possible for machines and is paying huge dividends for companies (no pun intended) when they apply it properly to certain business processes. These business processes include:

STRICT COMPLIANCE WITH DATA REGULATIONS

There is nothing more important to financial organizations than adhering to data standards, especially GDPR. Thus, NLU-enabled document classification and entity extraction have become essential tools for their ability to standardize data in an accurate and detailed manner. With this information, banks can understand their customers and competition better while remaining in compliance with regulations.

INTELLIGENT AUTOMATION OF BACK-END PROCESSES

Though not exclusive to banking, automated ticketing systems are crucial to speeding up the back-end operations of financial organizations. By understanding exactly what a customer needs, you can easily redirect messages to their ideal landing spot. This not only provides timely responses to customer queries but can speed up revenue-generating transactions. Just look at what ING was able to accomplish.

With NLU at your disposal, you create a much smarter and more efficient organization.