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Expert.ai Expands AI Offering for Banks and Financial Services

10 April 2024

  • Strengthened “Adverse News Screening” solution for Anti-Money Laundering (AML) projects;
  • Enhanced intelligent research capabilities;
  • Expanded support for ESG risk management, regulatory tracking & change management processes.

Expert.ai, a leading company in artificial intelligence (AI) for language understanding and language operations, today announced its enhanced offering for the banking and financial services industry.

Expert.ai composes the most effective AI approach to develop solutions for various applications, processes and use cases. This includes tasks like analyzing critical information, knowledge management, customer digital interaction and risk and compliance monitoring.

The expert.ai solutions for banks and financial services leverage best-of-breed and proprietary AI technologies, including knowledge graphs, machine/deep learning techniques, large language models and generative AI to simplify and accelerate “know your customer/supplier” processes, ensure accuracy in automating management of business documents (contracts, regulatory texts, reports, articles and news, etc.) and enhance support for customers and internal teams by automating management of emails, support requests, comments and other dynamic content, such as blogs and social media interactions.

Umberto Pardi, SVP of expert.ai, said: “There is a great focus on AI, especially when it comes to concrete solutions for moving beyond hype and promises and into the realm of real, tangible projects that support business objectives.  In the competitive and highly regulated banking and financial services sector, achieving success and a strong return on investment depend on the ability of AI to boost efficiency, accelerate value generation and enhance human capabilities. Our industry offering confirms expert.ai’s commitment to providing increasingly advanced and effective AI solutions. Our goal is to provide practical, value-driven tools and field-tested applications that support companies in reaching their goals, all while maintaining rigorous governance and compliance standards.”

Key features and use cases of expert.ai’s offerings for Banks and Financial Services

  • Adverse news screening. The capacity of AI to monitor multiple information sources (articles, press releases, news streams, social media) is critical for identifying potential threats or risks. This makes it an essential ally for “know your customer/supplier” and anti-money laundering (AML) activities. Expert.ai offers a multilingual solution for automatically screening “adverse news,” supporting operators in new customer onboarding, transaction verification (for money deposits, mortgage lending, financing activities, etc.), updating risk indicators or conducting existing customer verifications for government bodies or third parties.
  • Insight search and knowledge management. The use of intelligent search systems by banks to support internal and customer service teams is greatly impacted by AI. Because it understands the meaning and context of requests made in everyday language (where users may use different terms to search for the same information, such as ‘home loan,’ ‘property financing’ or ‘loan to buy an apartment’), expert.ai’s solution far exceeds the reach of a typical keyword approach, making it easier and faster to find and use information. This supports help desk operators or customers in accessing the information they need, across websites and internal portals.
  • ESG risk management. A company’s reputation and ESG scores are key factors in a financial organization’s risk management processes. However, this information is often spread across various sources, making it challenging to access and compare. Expert.ai increases the productivity and accuracy of financial professionals by using AI to analyze stakeholder opinions across diverse sources, tracking ESG performance indices, feeding rating algorithms with up-to-date and standardized data, and structuring different types of indicators. This is accomplished while ensuring transparency and traceability for indicator sources and in compliance with major performance evaluation standards.
  • Regulatory Tracking and Change Management. Complexity and continuously evolving regulatory scenarios make it increasingly difficult, if not impossible, to manually manage change tracking and planning activities. Expert.ai helps banks anticipate regulatory changes by automating workflows, tracking changes of interest, issuing alerts and accelerating any necessary changes to documents and processes so that they are up to date and compliant.