AI technology is being adopted by teams in every function, across every industry. At Fifty One Degrees we believe one of the most powerful applications is generative AI in Finance and Insurance. A UK Finance report expects value creation to increase by more than 50% within five years due to finance AI.
AI is transforming banks, building societies, insurers and FinTechs. These industries are perfectly placed to benefit from the recent advances in artificial intelligence technology because they typically require processing large volumes of unstructured data, such as text, and are often consumer-focused, complex, highly regulated and reliant on multiple sources of data.
The Fifty One Degrees AI Underwriting Automation modules streamline mortgage and loan underwriting, automating many of the manual tasks. Scale your operations, improve accuracy, and enhance your team’s productivity and happiness by automating repetitive, mundane tasks.
We believe in human-centric AI, so our Underwriting Automation focuses on enhancing your existing team’s capabilities and productivity with smart AI modules.
Generative AI Assistants trained to any specialism within your financial services business, provide instant support to your team members enabling them to produce more and increase the quality of their work. This technology ingests vast volumes of information and documentation and then provides precise insights and responses based on that information instantly. The result is accelerated projects and processes, improved customer experience, and the creation of resource efficiencies.
Analysing lending and mortgage transactions, collections communications or voice or text-based customer interactions with AI tools enables financial services and insurance firms to monitor and QA 100% of interactions, while reducing the volume of QA cases requiring manual intervention. The same artificial intelligence technology can also drive training requirements for team members, and identify opportunities for complimentary products and cross-sale.
Automating routine inbound and outbound phone calls and interactions with Conversational AI can reduce operational costs, increase productivity, and free up teams for more complex tasks. Conversational AI is reshaping how companies interact with their customers, making every interaction efficient, effective, and responsive.
Financial services and insurance firms have inherently complex customer onboarding requirements due to their requirement to manage risk, mitigate fraud, pull and analyse multiple data sources, and comply with detailed regulations. AI in finance has made it possible to automate once-manual decision-making, therefore reducing referrals. Given that fully automating customer fulfilment can double conversion, this process can significantly increase revenue while simultaneously reducing the workload for manual teams.
The UK is experiencing a fraud epidemic leading many financial services firms to manually intervene where they ordinarily wouldn’t. The ability to ingest data from multiple sources into a fraud detection AI model provides an effective solution to this issue, identifying fraudulent transactions while also increasing efficiency for your manual teams.
Fifty One Degrees builds and implements AI solutions, but also advises companies on how to adopt AI. We recommend creating an AI strategy, within which you will manage your adoption of AI in a structured and considered way. The steps we recommend are:
Assigning responsibility and creating a project team
Analyse each area of your business to understand the most appropriate use cases
Define your AI strategy, including objectives, governance and reporting
Apply an agile software development approach to identify an initial project
With your first project live, create and roll out a roadmap to apply AI across your business, prioritising based on expected impact and implementation complexity
