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Natural Language Processing can be used to help banks and other financial institutions with their compliance processes. NLP enables compliance officers to quickly determine whether regulations have been followed by searching thousands of digital documents.
Fremont, CA: If there is one technology that has improved our lives and has enormous potential in the future, it has to be Natural Language Processing (NLP). The extent to which organizations have benefited from NLP cannot be expressed in words. The financial sector appears to be the most impacted of the many industries that NLP serves. On that note, here are ten ways NLP will impact the financial sector in 2022.
Compliance
Natural Language Processing can be used to help banks and other financial institutions with their compliance processes. NLP enables compliance officers to quickly determine whether regulations have been followed by searching thousands of digital documents.
Underwriting Intelligence
NLP has the potential to connect unstructured and structured data, then transform the data intelligently, learning from each interaction and providing contextual underwriting intelligence.
Managing Risk
Natural language processing has been a boon in terms of developing more exacting, agile models for business protection. These models can identify trends, identify risks, save time, and provide better information for future planning.
Tracking Relationships
The finance industry is known for analyzing earnings calls in order to determine the main theme or to compare against previous, similar calls in order to identify trends. This is where NLP comes into play. It can be used to connect entities and construct a graph of relationships. This aids in the detection of money laundering and/or fraud.
Improved Lending Decisions
NLP has been instrumental in enabling organizations to make better lending decisions. To determine credit lending eligibility, NLP examines bank statements, pay stubs, mortgage forms, tax documents, invoices, and other documents.
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