How NLP is Impacting the Financial Sector in 2022

CIO Applications| Friday, April 29, 2022

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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