Financial services back-office processing, particularly in retirement services, has historically been a very labor-intensive and opaque environment. Most organizations have made it a strategic goal to find ways to be more efficient and also to capitalize on the extraordinarily complex data to find trends and insights to better serve their customers. Today, the advanced pattern recognition capabilities of artificial intelligence (AI) are creating a revolution in how back offices operate.
Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.
Before we dive in to this blog series, let’s understand what we mean by AI. Over the last several years, there has been a lot of talk about AI and machine learning (ML), but there is also some confusion about what they both are and what they do. While there are many definitions of each, this guide will define ML as a particular approach to, and a subset of artificial intelligence. Machine learning is the process of understanding data to answer a question or identify a pattern. Artificial intelligence can be considered the capability of a machine to approximate or imitate intelligent human behavior.
This guide discusses five areas in which you can use AI to increase efficiencies and security.
- Call center optimization
- Financial advice
- Fraud detection
- Content management efficiencies
- Participation drivers
To learn more about the opportunities to transform retirement services with artificial intelligence, you can click here, or download the guide below.