BFSI process automation driven by AI/ML
Banking and financial services companies are embracing AI/ML to enable cognitive automation of their front and back office workloads. Credit processing, contract review, risk assessment are top priority functions targeted to reduce errors, delivery time, and enhance efficiency.
JP Morgan Chase launched Contract Intelligence (COIN) to automate contract processing and data extraction reducing 360K hours of document processing time. Service providers are helping BFSI companies to fill the AI/ML enablement gaps like legacy modernization, data lake creation and system integration.
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