AI & Cognitive Services for Banking

Document bots, Q&A Chat bots, Transactional Chat bots, Video KYC bots & Document Workflow Management crafted for Banks.

At Octal Frames, we recognize the dynamic landscape of the banking industry and the critical role Artificial Intelligence (AI) and Cognitive Services play in addressing its challenges. Our cutting-edge solutions are designed to revolutionize banking operations, offering smarter, faster, and more secure services.

'Document bot' for the Banking domain

A user-friendly bot designed to efficiently handle the bulk uploading of extensive legal and financial documents for the bank, often spanning hundreds of pages. This bot is equipped with intuitive capabilities to perform “Intelligent human-like querying of multiple such documents” of the bank at once, leveraging our custom LLMs (AI Large Language models) optimized for the BFSI domain. This can be used by banking agents to interpret the large legal, financial and KYC documents better at a much quicker pace.

'Q&A Chat bot' for the Banking domain

“Information from FAQ docs can be queried in a human-like manner” by customers to retrieve domain specific answers without having to delve into the extensive FAQ documentation. Additionally information from PDFs and websites can also be queried.

This bot offers immediate customer support for inquiries related to credit card offers, business/personal account opening requirements, procedures of KYC, Identity verification, Residency status checks, source of income verification, Credit history checks, and various other topics.

'Transactional Chat bot' for the BFSI domain

Post customer authentication, the AI chatbot that is integrated with the back-end systems, can also provide querying on customer’s information (What is my account balance, I need a cheque book, where is the nearest ATM, how do i set up my online banking, what investment options are available, can you provide information on saving for retirement, how can i improve my credit score etc) to improve customer service and efficiency.

'Video KYC bot' for the BFSI domain

We craft a bot for Video based KYC for new customer registration, loan applications etc (with the customer facing a camera from their homes), KYC documents upload, AI bot to read contents of the KYC docs and verify the customer. Once the capture for KYC is complete, we can plug these KYC documents into our Document Workflow management solution for further workflow based application approval processes for KYC.

As per Economist Impact,

77% of bankers believe that unlocking value from Al will be the differentiator between the success or failure of banks

At Octal Frames, we don’t just offer off-the-shelf products; we develop bespoke AI solutions tailored to the unique needs of your banking institution. Our team works closely with you to understand your challenges and objectives, ensuring our solutions align perfectly with your requirements.

Technology evolves rapidly, and so do we. Octal Frames provides continuous support and updates for our AI solutions, ensuring they remain at the cutting edge and continue to deliver value as your needs evolve.

Key risks in banking AI include data security, privacy concerns and governance.
Ensuring AI in banking adheres to financial regulations and ethical standards is vital for compliance and governance.

AI cognitive services revolutionize customer service in the banking sector. By utilizing advanced AI algorithms, banks can offer personalized customer experiences, quick response times, and more accurate information. AI-driven chatbots and virtual assistants provide round-the-clock support, answering queries and offering financial advice, thus significantly improving customer engagement and satisfaction.

In the world of banking, security is paramount. AI cognitive services excel in identifying patterns indicative of fraudulent activities. These systems can analyze transaction data in real-time, flagging unusual activities and helping to prevent financial fraud. This capability not only protects the bank’s assets but also safeguards customers’ financial information, enhancing trust in the institution.

AI plays a crucial role in risk assessment, particularly in credit scoring and loan approvals. By analyzing vast amounts of data, AI systems can predict risks more accurately than traditional methods. This leads to better-informed lending decisions, minimizing defaults and optimizing the bank’s portfolio management.

The banking sector is heavily regulated, and compliance is a major challenge. AI cognitive services can automate the monitoring and reporting of compliance-related data, ensuring adherence to regulations. This technology can also predict future regulatory trends, helping banks stay ahead of compliance requirements and reduce the risk of penalties.

AI cognitive services enable banks to leverage big data for informed decision-making. By analyzing customer data, market trends, and economic indicators, AI can provide actionable insights. This information is invaluable for developing new financial products, optimizing investment strategies, and tailoring services to meet customer needs more effectively.