Innovation is crucial to stay competitive in today’s ever competitive landscape. Keeping abreast market trends and changing customer expectations is key to success. Artificial intelligence (AI) and machine learning (ML) are at the heart of innovation, with FinTech organisations using these technologies to power algorithmic trading, to detect and prevent fraud and money laundering, to adhere to regulatory frameworks, to automate workflows and decision making and to extract insights from data analytics. 24×7 customer support is often, also powered by AI – to answer queries and assist with inbound incident lodging.
The ultimate goal is to enhance customer experience, boost efficiency, streamline processes and keep costs lean. Harnessing AI and ML is revolutionising FinTech operations.
AWS has a strong suite of powerful AI and ML services – in this article we will present a few AWS Machine Learning and AI Services, focusing on how they drive innovation in the Fintech sector.
AWS: Powering Fintech Digital Transformation fuelled by AI and ML
The fintech industry is renowned for its continuous innovation and disruption. Artificial intelligence and machine learning services empower Fintech firms to harness the potential of data-driven insights, automation, and predictive analytics, propelling them ahead of their competition in a rapidly evolving market.
Top AWS Machine Learning Services for Fintech Companies
Amazon SageMaker: This fully managed service enables Fintech developers to build, train, and deploy Machine Learning models at scale. Whether it’s fraud detection, AML checks, credit scoring, or personalised financial recommendations, Amazon SageMaker streamlines the development process, allowing Fintech companies to focus on refining their Machine Learning algorithms for better accuracy and outcomes.
Amazon Comprehend: Natural Language Processing (NLP) is pivotal in understanding customer sentiments and market trends. Having the pulse of the market is paramount to the success of any firm, evenmore for FinTech companies. Fintech outfits can leverage Amazon Comprehend to analyse customer feedback, social media posts and comments, and financial news, gaining valuable insights that drive informed decision-making. This is additionally useful for adverse media checks.
AI Services Boosting Fintech Performance
Amazon Polly: In Fintech, clear communication is essential. Amazon Polly, a Text-to-Speech (TTS) service, enables Fintech applications to convert text into lifelike speech. This proves invaluable in voice-enabled financial assistants, enhancing accessibility for visually impaired users and providing seamless customer interactions. It has been improved to also provide a portfolio of languages and a string of voices including bilingual voice for both English and Hindi. For the vast majority of languages one can choose and use both male and female voices. Output can be in various formats, such as mp3, which can subsequently be utilised in mobile applications. Amazon polly is not a translation service.
Amazon Lex: Conversational AI is a game-changer in customer support services. Fintech companies can integrate Amazon Lex to develop chatbots and voice assistants that answer queries, provide financial advice, and guide users through transactions, enhancing user experiences and reducing response times. This service helps you develop conversational interfaces using both voice and text. As a service, it uses automatic speech recognition (ASR) to convert speech to text, and natural language understanding (NLU) for recognising the intent of the text.
AWS in Fintech Security
The Fintech industry is one of the top targets of malicious actors as it holds highly sensitive financial data. AWS reinforces security through advanced Machine Learning-driven services such as Amazon GuardDuty, which detects cyber threats and vulnerabilities in real-time. By leveraging GuardDuty, Fintech firms can safeguard customer and financial data, prevent fraud, and maintain regulatory compliance. This is a service which helps FinTech companies mitigate financial losses, reputational and licence related risks.
AWS machine learning and artificial intelligence services enhance decision making, by increasing precision, speed and accuracy of data-driven decisions. Understanding customer behaviours, ongoing risks and market trends aid FinTech businesses radically improve their decision-making processes. Product development can be improved via AI-Powered systems that enhance the personalisation of customer experiences (CX). This, in turn will strengthen customer loyalty and help offer a more tailored experience which is (increasingly) sought after by clients nowadays.
From an operational perspective machine learning will definitely reduce the manual intervention and manual processes, therefore optimising efficiency and reducing errors. The latter are important in areas such as risk assessments, loan processing, transaction monitoring and compliance / regulatory checks.
AWS machine learning and artificial intelligence services are enablers and drivers of innovation in the FinTech sector. Place these services at the core of your FinTech organisation’s transformation and achieve an efficient, secure, and customer-centric future.
Get in touch to learn more about offers and services you need to build, deploy, and run machine learning and artificial intelligence applications on AWS cloud. Embark on a journey of innovation today!
