Chatbots, reduction of manual processes and explainability were all hot topics in a recent discussion between Madhurima Khandelwal, Vice President and Head of DataLabs at American Express®, and Eric Haller, Executive Vice President and head of Experian DataLabs. The importance of AI’s role in innovation in the financial services space was the focus of the recent video interview.
In the interview, Khandelwal highlighted some of the latest in what American Express DataLabs is working on to continue to solve complex challenges by building tools driven by AI and Machine Learning:
Natural language processing has come a long way in even the last few years. Khandelwal discussed how chat bots and conversational AI can automate the simple to complex to enhance customer experience.
Document recognition and processing is another leading-edge innovation that is useful for extracting and analyzing information, which saves staff countless manual hours, Khandelwal said.
Fairness and explainability are consistently brought to the forefront especially in financial services as regulators are looking at ways to prevent AI/ML from causing bias for the consumer. Khandelwal showcased how there is extreme rigor in each part of creating their models and how human oversight and training are primary drivers for how they stay on top of this.
As for innovation advice, Khandelwal points out that it’s important to be aware that AI and innovation are not always interchangeable, and companies need to think through whether a problem needs to be solved through AI/ML models before charting ahead. Another major key to the equation is the data. In all use cases, the undercurrent of innovation in any form is dependent on the data being used.
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