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How AI is transforming the financial services industry

Artificial intelligence is driving transformation in every aspect of the financial services industry.

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Mike McNamara
Mike McNamara

Artificial intelligence is giving the financial services industry a profound makeover, driving transformation in every aspect of the business. From launching innovative new products to reducing risk and elevating the customer experience, AI is evolving the way that banks operate. AI is here. It’s there. It’s everywhere. And it’s not going anywhere anytime soon.

Fraud detection

Security teams armed with AI can prevent credit card fraud by instantly detecting unusual behavior in an account. Machine learning and deep learning can analyze a wide variety of data types in near-real time. AI powered by NetApp gives fraud investigators prioritized alerts, so they can focus on the ones that are most likely to be fraudulent.

Creditworthiness assessment

Lending money to complete strangers is risky business. And for financial institutions, risk is a four-letter word. AI now makes it possible for companies to look at an individual’s income and credit history, without human error or emotions. This approach helps tap the market for underserved borrowers without increasing risk.

Product innovation and customer service

AI makes going to the bank a thing of the past, and as banking goes virtual, AI plays a key role in giving customers a seamless digital experience. With guidance from chatbots using natural language processing, customers can open new accounts, subscribe to new services, and quickly resolve issues from anywhere. AI paired with computer vision is the driving force behind mobile payment systems that allow customers to pay for their morning coffee without currency or cards. Many financial services institutions are saving money, reducing risk, and improving customer satisfaction through AI-driven innovation.

AI is waiting, are you ready?

Building an AI infrastructure—especially in a highly regulated environment—isn’t easy. You need a data infrastructure that can unleash the power of AI throughout your organization. Lucky for you, we’ve got the experience and the know-how.

  • Best-of-the-best machine learning and deep learning frameworks to compute and protect models with vast amounts of data. 
  • A data pipeline spanning the entire ecosystem that allows seamless data movement from edge to core to cloud. 
  • Speed – faster than the human brain can react type of speed.  

Don’t let your AI initiatives get tied up in knots by factors like data silos, compliance issues, and security concerns. Open the door to endless possibilities with NetApp® AI solutions. 

Check out our e-book: An infrastructure you can bank on, for more about AI for the financial services industry. Also check out our portfolio of solutions for AI

Mike McNamara

Mike McNamara is a senior product and solution marketing leader at NetApp with over 25 years of data management and cloud storage marketing experience. Before joining NetApp over ten years ago, Mike worked at Adaptec, Dell EMC, and HPE. Mike was a key team leader driving the launch of a first-party cloud storage offering and the industry’s first cloud-connected AI/ML solution (NetApp), unified scale-out and hybrid cloud storage system and software (NetApp), iSCSI and SAS storage system and software (Adaptec), and Fibre Channel storage system (EMC CLARiiON).

In addition to his past role as marketing chairperson for the Fibre Channel Industry Association, he is a member of the Ethernet Technology Summit Conference Advisory Board, a member of the Ethernet Alliance, a regular contributor to industry journals, and a frequent event speaker. Mike also published a book through FriesenPress titled "Scale-Out Storage - The Next Frontier in Enterprise Data Management" and was listed as a top 50 B2B product marketer to watch by Kapos.

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