LLMs: use cases in financial services

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Service

  • Cyber Resilience
  • Data and AI
  • Strategy and Transformation

Industry

  • Financial Services & Insurance

Article September 18th, 2023

Large language models (LLMs) are an exciting development for the financial services sector as they present the opportunity to improve the level of automation and enhance existing processes and technology-based solutions.

There are five key areas where LLMs offer significant potential

1. Customer support

LLMs can be used to automate customer support tasks (in multiple languages) such as answering FAQs and providing basic troubleshooting assistance, freeing up human staff to work on more complex issues. The models can also be used to analyze customer support sessions and estimate the number of positive interactions.

2. Fraud detection

AI and machine learning solutions are already being widely used to identify fraudulent transactions. LLMs bring the potential to enhance fraud detection still further because they are particularly adept at detecting patterns (which is useful in identifying unusual behavior) and can analyze text data including transaction descriptions and merchant names.

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3. Risk assessment

LLMs can be used to assess the risk of offering financial products to customers through analysis of their financial history, credit score and other factors.

4. Personalized financial advice

LLMs can be trained to assess a customer’s financial goals and risk tolerance in order to generate recommendations for investments, retirement planning, and other financial products and services.

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5. Investment research

LLM-generated research of financial news, analysts’ reports and market data can lead to more informed investment decisions. A study by the University of Florida found that sentiment analysis of news headlines by ChatGPT outperformed traditional methods.

LLMs bring enormous potential to the financial services sector

Our recently-launched AI solution Nortal Tark uses LLMs to help our clients extract value from their data on their own terms. To find out more and see how Nortal Tark can transform your organization click here.

 

For more information on how AI and LLMs are transforming the financial services sector, read our article here.

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