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AI Applications, Use Cases, and Examples in Finance

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“The article was originally published on AIMultiple

As seen in the image above, interest in artificial intelligence (AI) in finance is increasing, like in other industries. According to a 2020 Business Insider report, 75% of respondents at banks with over $100 billion in assets are implementing AI technologies. McKinsey shares that banking and other financial service companies can generate more than $250 billion in value by applying AI technologies in their financial processes.

However, there is still a long way for AI models to be widely used in financial services. For example, historical bias can be an issue in automated credit scoring. AI models could take into account variables like gender, race, or profession which may have been used historically in credit applications. Banks need to monitor models to avoid such situations.

Although the integration of AI into finance needs further development, the benefits definitely outweigh the potential costs. AI technologies will help banks and other financial institutions accelerate their processes with reduced cost and error while ensuring data security and compliance.

Lending

Retail Lending Operations

Thanks to document capture technologies, financial institutions can automate their credit applicant evaluation processes. Instead of reviewing financial documents like payslips or invoices manually, which is a tiring task, AI algorithms can handle this operation, capture data from documents automatically, and manage lending operations with less human intervention. This will enable banks and financial institutions to conclude credit applications faster and with fewer errors.

Commercial Lending Operations

Similarly, financial companies can capture relevant data from borrower companies’ financial documents, like annual reports and cash flow statements. With the extracted data, credit evaluation can be handled much accurately, and banks can provide faster services for lending operations.

Retail Credit Scoring

Financial companies can leverage AI to evaluate credit applications faster and more accurately. AI tools leverage predictive models to assess applicants’ credit scores and enable reduced compliance and regulatory costs on top of better decision-making. For example, Discover Financial Services has accelerated its credit assessment processes by ten times and achieved a more accurate view of borrowers by using AI technologies in evaluating credit applicants. For more on credit scoring, feel free to read our article on the topic or access an interactive list of leading vendors in the space.

Commercial Credit Scoring

AI can analyze relevant financial information and provide insights about financials by leveraging techniques like machine learning and natural language processing. Instead of conducting numerous calculations in spreadsheets or financial documents, AI can rapidly handle large volumes of documents and deliver insights without missing an important point. This can enable better commercial loan decisions.

Investments

Robo-Advisory

Companies can offer AI chatbots and virtual assistants to monitor personal finances. These assistants can provide insights based on target savings or spending amounts. Besides giving insights on personal finances, robo-advisors can give financial advice to help investors manage their portfolio optimally and recommend a personalized investment portfolio containing shares, bonds, and other asset types. To do that, robo-advisors use customers’ information about their investment experience and risk appetite.

Operations

Debt Collection

The Consumer Financial Protection Bureau (CFPB) shares that “Continued attempts to collect debt not owed” is the most common complaint by 39% in the US in 2017. Banks and other financial institutions can use AI to solve this issue and provide a compliant and efficient debt collection process. According to the CEO of Brighterion, a MasterCard company, effective use of AI can help reduce delinquency rates by 76%.

Procure-to-pay

Companies can introduce AI-based invoice capture technologies to automate their invoice systems and use accessible billing services that remind their customers to pay. These will enable businesses to accelerate their processes, reduce any manual errors and costs, and improve loan recovery ratios. Feel free to read our in-depth source-to-pay automation guide to learn more.

Account Reconciliation in Commercial Banking

Companies can leverage AI to extract data from bank statements and compare them in complex spreadsheets. By using AI, account reconciliation processes can be accelerated significantly, and errors that can cause significant disruption would be eliminated.

Insurance

Insurance Pricing

Like credit applications, AI can assess customers’ risk profiles and identify the optimal prices to quote with the right insurance plan. This would decrease the workflow in business operations and reduce costs while improving customer satisfaction.

Claims Processing

Claims processing includes multiple tasks, including review, investigation, adjustment, remittance, or denial. As AI can rapidly handle large volumes of documents required for these tasks thanks to document processing technologies, it can also detect fraudulent claims and check if claims fit regulations.

As an example, Tractable has introduced an AI system that can recognize accident images and estimate repair costs in real-time. As a result, it claims that insurance companies can accelerate claims processing by ten times.

Audit and Compliance

Fraud Detection

According to KPMG, the main challenge that banks face today is cyber and data breaches. More than half of the survey respondents share that they can only recover less than 25% of fraud losses, which makes fraud prevention necessary.

AI technologies advanced significantly to detect fraudulent actions and maintain system security. Using AI for fraud detection can also improve general regulatory compliance matters, lower workload, and operational costs by limiting exposure to fraudulent documents. In a case study by Vectra.ai, DZ Bank has reduced the workload of security operations teams by 36x.

Regulatory Compliance

Complying with regulatory requirements is essential for banks and other financial institutions. AI can leverage Natural Language Processing (NLP) technologies to scan legal and regulatory documents for compliance issues. As a result, it is a scalable and cost-effective solution because AI can browse thousands of documents rapidly to check non-compliant issues without any manual intervention.

Travel & Expense Management

Expenditure reports require travel receipt checks (like hotel reservations, flight tickets, gas station receipts, etc.) for compliance, VAT deduction regulations, and income tax laws. While this task includes compliance risks concerning fraud and payroll taxation, AI can leverage deep learning algorithms and document capture technologies to prevent non-compliant spending and reduce approval workflows.

Customer Service

Know Your Customers (KYC) Processes

By leveraging AI technologies like natural language processing and data extraction models, banks can find anomalous patterns and identify areas of risk in their KYC processes without human intervention. For edge cases where human interaction is needed, the case can be forwarded for approval. The integration of AI technologies will have benefits like accelerated processing times, improved security and compliance, and reduced errors in these processes.

Responding to Customer Requests

Conversational AI systems can instantly support customers to fulfill their requests. In cases where the claim is not resolved, humans can intervene. By integrating AI into customer service, customer requests are addressed faster, the workload of call center workers would be reduced, and they can focus on more complex customer requests.

Identification of upsell & cross-sell opportunities

Banks and other financial institutions can accurately discover unaddressed customer needs, thanks to CRM systems and AI technologies. This can help increase customer satisfaction while increasing revenues for the financial institution. For example, a company can offer car insurance to its customer who is in the process of buying a car. Oliver Wyman shares that using AI insights can increase annual income from email cross-sell by four times.

Customer Churn Prediction

AI models can detect patterns in customer behaviors and predict which customers have a higher potential to churn in the next term. By analyzing these behaviors, banks and other financial institutions can identify why a customer is at risk and take actions accordingly to prevent churn.

Other

Trading

Investment companies have started to use AI to detect patterns in the market and predict their future values. By that, AI can discover a broader range of trading opportunities where humans can’t detect. Another benefit of AI is that it can analyze large amounts of complex data faster than people, which provides time and money-saving. Kavout, an AI trading service, estimates that they can approximately generate 4.84% with their AI-powered trading models.

However, algorithmic trading still has a way to be used more widely as it is still unable to perform better than humans. According to Bloomberg, the share of hedge funds that use AI decreased by 7.3% in March 2018. It has fallen by 2.4% in the previous period.

 

Cem Dilmegani, Founder, AIMultiple

 

Cem is a high-tech industry analyst and he served as a tech consultant at McKinsey and as a tech entrepreneur at Hypatos, the document hyperautomation company. AIMultiple.com provides 1M enterprises with transparent, data-driven insights on enterprise technology.

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Features

Redefining Real Estate: The Rise of Wellness-Centric Spaces

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By Mark Phoenix – CEO of Sankari

The way we think about real estate is evolving, and at the heart of this change is a renewed focus on wellness. As we become more aware of the profound impact our living environments have on our health and well-being, it’s clear that real estate must go beyond aesthetics and luxury—it must support a lifestyle of vitality and longevity. To me, true luxury is no longer defined solely by opulence but by spaces that promote health, balance, and connection.

The demand for wellness-oriented spaces is growing rapidly, and real estate developers must rise to meet it. Today’s buyers are looking for more than just high-end finishes and exclusive locations—they want environments that enhance their well-being. Integrating wellness features such as fitness centers, yoga studios, meditation areas, and holistic health services is no longer an option; it’s a necessity. These spaces don’t just add value to a property; they create communities that create physical health, mental clarity, and social engagement.

Wellness-centric design is about more than just adding amenities—it’s about creating environments that encourage movement, relaxation, and human connection. By prioritizing well-being in real estate, developers can offer residents a lifestyle that aligns with modern values and aspirations. These spaces cultivate a sense of belonging, allowing people to come together in ways that enrich their lives beyond the walls of their homes.

Beyond individual benefits, wellness-focused communities have a lasting impact on society. As more people seek out homes that support their health, the real estate industry has an opportunity to lead this cultural shift. Developments that incorporate sustainable materials, biophilic design, and eco-friendly building practices not only benefit residents but also contribute to a healthier planet.

In the ultra-luxury segment, this focus on wellness is especially meaningful. The most sought-after properties are no longer just about extravagance—they are about creating a sanctuary where people can rejuvenate both physically and mentally. True luxury lies in thoughtful, health-driven design that enhances everyday life in meaningful ways.

Designing for wellness also means partnering with visionary architects and designers who understand the importance of both form and function. In regions with challenging climates, for example, innovative solutions can help reduce environmental impact while enhancing comfort and efficiency. Securing sustainability certifications like LEED further reinforces a commitment to responsible development and aligns with the global movement toward eco-conscious living.

For me, integrating wellness into real estate is more than just a trend—it’s a deeply personal mission and a strategic imperative. The places we live should do more than just shelter us; they should actively contribute to our health and happiness. By embedding wellness into the very foundation of luxury real estate, we’re not just shaping beautiful spaces—we’re shaping better lives.

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Features

We are bringing tradition to every table in just five minutes

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Kerala breakfast

Exclusive Interview with Ashvin Subramanyam, CEO International Business, Orkla India

In this exclusive interview, Ashvin Subramanyam, CEO of International Business at Orkla India, shares insights on the brand’s participation at Gulfood 2025 and its mission to blend tradition with innovation in the Middle East. With the launch of Eastern’s 5-Minute Breakfast range and a refreshed Arabic spice portfolio, Orkla IMEA is redefining convenience without compromising on authenticity.

What can we expect from Orkla IMEA’s presence at Gulfood 2025, and how significant is this event for your brand’s growth in the region?

At Gulfood 2025, Orkla IMEA, subsidiary of Orkla India, is set to make a strong impact by unveiling the Eastern 5-Minute Breakfast range, designed to bring the authentic flavors of Kerala to the fast-growing ready-to-cook market in the Middle East. In addition, visitors can expect a refreshed Arabic spice portfolio, reflecting Orkla India’s continued commitment to catering to the diverse culinary preferences of the region.

Gulfood is a key platform for us as it enables us to showcase our latest innovations to a global audience, including retailers, distributors, and food industry leaders. The Middle East is a strategic market for our expansion. By blending tradition with convenience, our goal through this event is to become a household name across diverse communities in the region, reinforcing our commitment to quality, authenticity, and innovation in packaged foods.

How does Gulfood help Orkla IMEA connect with new markets, consumers, and industry partners, particularly in the Middle East?

Gulfood serves as a vital gateway for Orkla India to connect with new markets, consumers, and industry partners through its subsidiary Orkla IMEA in the Middle East. As one of the world’s largest food and beverage trade exhibitions, it provides an unparalleled opportunity to engage directly with key stakeholders, including retailers, distributors, and hospitality businesses, facilitating strategic partnerships and market expansion.

For Orkla India, this event is instrumental in understanding regional consumer trends, preferences, and evolving dietary habits, particularly in the fast-growing packaged food sector. The launch of the Eastern 5-Minute Breakfast range and refreshed Arabic spice portfolio at Gulfood allows us to showcase our innovation in convenience-driven yet authentic culinary solutions.

By participating in Gulfood, we strengthen our brand presence, foster collaborations with regional partners, and position ourselves as a trusted name in ethnic and mainstream food categories. It’s a key milestone in our vision to become a household name in the Middle East.

Eastern is set to unveil its preservative-free quick South Indian 5-Minute Breakfast range. What was the inspiration behind this concept?

The Eastern 5-Minute Breakfast range was inspired by the growing need for convenient, time-saving meal solutions that do not compromise on authentic taste and quality. South Indian breakfasts, particularly Kerala’s traditional dishes, are deeply rooted in culture, requiring significant time and effort to prepare. However, with modern lifestyles becoming increasingly fast-paced, many consumers struggle to recreate these meals from scratch.

Recognizing this shift, Eastern set out to bridge the gap between tradition and convenience by crafting a range that retains the authentic flavours and textures of Kerala’s most-loved breakfasts while eliminating the long preparation time. The preservative-free formula ensures that consumers enjoy fresh, wholesome meals made from high-quality ingredients in just three easy steps, ready in five minutes.

With this innovation, Eastern empowers busy professionals, young families, and expatriates to stay connected to their culinary heritage without compromising on their schedules, making traditional breakfast accessible anytime, anywhere in just 5 minutes.

Can you give us an insight into the development process behind this 5-Minute Breakfast range, especially in maintaining authentic South Indian flavors without preservatives?

The development process for our 5-Minute Breakfast range began with a deep understanding of our consumers’ evolving lifestyles and their desire for authentic Kerala-style breakfasts that eliminate a lengthy preparation process. We identified a unique need-gap: while traditional dishes like Puttu, Appam, and Idiyappam are much-loved, the time and effort they require can be challenging in today’s fast-paced world.

Our journey involved benchmarking these dishes to the traditional methods used by homemakers, capturing the essence of how an amma would prepare them at home. This set the standard for the flavor profiles we aimed to achieve. The challenge was to replicate the authentic taste and texture while ensuring our products were preservative-free.

Our R&D team worked tirelessly, conducting extensive trials to balance authenticity and convenience. Through our innovation center we crafted recipes that retain the goodness of traditional Kerala breakfasts while being ready in just five minutes. With this range, Eastern redefines breakfast convenience, allowing families to savor the true flavors of Kerala in a fraction of time.

With over one million Keralites in the UAE, how does Eastern plan to cater to both the traditional tastes of this community and the broader multicultural audience?

With almost two million Keralites in the UAE, Eastern understands the deep emotional and cultural connection this community has with its traditional cuisine. The Eastern 5-Minute Breakfast range is designed to preserve the authentic flavours of Kerala while offering a convenient solution for modern lifestyles. By using high-quality ingredients and a preservative-free formula, the range ensures that the taste and texture remain true to tradition, making it an ideal choice for Malayalees longing for home-cooked meals.

While there are other instant and ready-to-eat options in the market, Eastern’s range stands out by offering dishes like Puttu and Palappam, which traditionally require culinary expertise and time-consuming preparation. These dishes are not widely available in the quick- convenience food category.

At the same time, Eastern is expanding its reach to a broader multicultural audience by showcasing South Indian cuisine as a flavourful, nutritious, and easy-to-prepare option for all. The simplicity of the 3 Easy Steps preparation makes these dishes accessible to non-South Indian consumers who are eager to explore new flavours. Through strategic retail partnerships, digital outreach and and aggressive in-store sampling, Eastern aims to introduce and establish South Indian breakfast as a preferred choice for consumers in this region.

What’s one thing about Orkla IMEA that people might not know but should?

While Orkla IMEA was incorporated recently, we have been in the region for over 25 years now, through our brand Eastern.

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Features

2025 Hospitality Tech Trends

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By Prince Thampi, Founder and CEO, Hudini

As we approach 2025, the hospitality industry is poised for transformational growth, driven by evolving traveller preferences and advancements in technology. The future of hospitality promises enhanced convenience, personalisation and sustainability, with a significant focus on creating memorable experiences for guests. Let’s dive into five key trends that will shape the hospitality tech landscape in 2025 and beyond.

  1. The Continued Rise of Frictionless Technology

The increased demand for frictionless experiences is set to dominate the industry, with more and more travellers preferring hotels that offer touch-free check-in, check-out, and room access via mobile apps. This trend reflects a broader shift towards easy interactions powered by seamless digital integration. Mobile apps have been an essential tool for a few years now, enabling guests to manage their stays, order room service, and access hotel information effortlessly. With the introduction of Gen AI, those apps have become more powerful than ever and are now able to provide highly personalised recommendations and speak in different languages.

Hotels embracing this trend will gain a competitive edge, as tech-savvy travellers prioritise convenience and efficiency during their stay. According to a recent survey by Deloitte, around 72% of travellers are more likely to choose a hotel that offers mobile check-in and check-out services over those that don’t.

  • Hyper Personalised Guest Experiences

In 2025, personalisation will continue to be at the core of hospitality services but will finally be taken to the next level thanks to Gen AI. Guests expect hotels to anticipate their needs and offer tailored experiences, from customised room settings to personalised dining recommendations. Apps powered by AI are now able to predict guest needs based on a wealth of data, ingested from the hotel systems or fed externally.

Leveraging guest data and insights, hotels can create unique offerings that cater to individual preferences. This level of personalisation not only enhances guest satisfaction but also fosters loyalty and repeat bookings. According to Oracle’s findings, biometrics and AI are set to play pivotal roles, with 62% of guests valuing automated recognition for personalised interactions. Biometrics will experience a breakthrough into mainstream hospitality in 2025. Facial recognition technology has matured significantly and is ready to be weaved into the guest experience. It will enable better security and guest recognition while protecting their privacy at the same time.

  • AI-Enabled Customer Service

Artificial intelligence is revolutionising every aspect of the hospitality industry, but will be by itself a new way of providing customer service. Chatbots and virtual assistants are becoming standard tools for handling common queries, offering instant support, and streamlining operations at any time and in any language.

AI-driven solutions not only enhance efficiency but also provide guests with 24/7 assistance, ensuring a smoother and more satisfying experience. By integrating AI technologies, hotels can free up staff to focus on delivering exceptional in-person service.

  • Sustainability and Eco-Friendly Practices

Sustainability is no longer optional, it’s a necessity often enforced by regulation. Travellers are increasingly favouring hotels that adopt eco-friendly practices, such as using locally sourced food, implementing energy-efficient operations, and reducing waste.

By prioritising sustainability, hotels not only meet guest expectations but also contribute positively to the environment. This commitment to green initiatives enhances brand reputation and attracts environmentally conscious travellers. A recent survey by Booking.com found that 83% of global respondents believe more sustainable travel is vital, with 49% believing there aren’t enough sustainable travel options and 53% saying they get annoyed when a hotel prevents them from being sustainable.

Smart use of technology is key in the sustainability journey of hotels. Technology can accurately measure the reduction in carbon footprint, it will help reduce energy and adopt renewable energy sources, and will enable the effective management of food waste. Many hospitality apps allow guests to apply green energy settings to a room, some will even exchange your energy savings to loyalty points.

  • The return of ‘real’

With Gen Z – the first generation grown up with everything digital – becoming the next large group to travel, the craving for ‘real’ experiences is bigger than it ever was. Hotels focusing on truly unique and hyper local experiences; a great meal, cultural outing, or wellness treatment will win the hearts of this generation.

Fortunately hotel apps, AI, automation of processes, sustainability tech and the removal of cumbersome processes like checking-in and studying paper manuals will free up hotel staff to allow them to do what they do best: providing unforgettable, personalised and sustainable experiences.

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