How is NLP revolutionizing financial services?
NLP is revolutionizing the way we interact with financial services. It’s allowing us to have a more natural conversation with our banks, and this is allowing us to do things that we couldn’t do before.
How did you get into NLP?
I got into NLP because I had a need, but it turns out that almost every person I know has a need for NLP. Lately, more and more people in the financial services industry are using it to improve their customer care. They are using it to train their employees and to improve their customer care. It’s the age of big data, and people have a lot of data that they can use to make insightful decisions that they cannot make without NLP.
NLP has been around for decades, but it’s only recently that it’s been able to make sense of the complex and nuanced language used in financial services. “We have to transform from being a copier of the past to being a collaborator of the future,” says Shai Reshef, chief executive officer at OANDA. “Our customers are not just trading currency, but they are trading in other assets as well. The more we can understand about their language and how they talk about those other assets, the easier it will be for us to recommend them.”
The rise of chatbots and voice assistants like Siri and Alexa is making NLP more accessible than ever before. And we expect it to play a critical part in the future of human-computer interaction. With the pace of change, it’s hard to keep up with all of the major developments in NLP, but here are a few key trends that have taken off in recent years: Deep learning Google’s Deep Dream algorithm is a breakthrough in deep learning. It uses neural networks to teach itself patterns from pixels in an image and then detect objects. The algorithm then creates images that are remarkably similar to the original photo.
The most common use cases for NLP in financial services are customer service chatbots, credit card fraud detection, and AI-powered investment advice. NLP in the Financial Services Industry: chatbots, credit card fraud detection and AI-powered investment advice NLP is an ideal technology for chatbots and artificial intelligence. NLP can help companies provide more accurate customer service outcomes by automatically extracting the most pertinent data from unstructured text that would otherwise have to be parsed through by a human. In the credit card fraud detection, NLP can help prevent fraud by examining natural language and gathering keywords that could be important indicators of identity theft.