NLP has many use cases in consumer banking and is gaining adoption in wealth management. In my report, The Virtual Agent: Natural Language Processing in Wealth Management, I look at some of the more popular use cases for NLP, including for chatbots/virtual assistants and biometric identification, as well as the more cutting-edge applications, like for advisor matching and more complex virtual assistant processes.
IPSoft and Personetics are two vendors making huge strides in the field of NLP. IPSoft is working with SEB and Personetics is working with BRD, a subsidiary of Groupe Société Générale, to explore innovative use cases for NLP.
Enterprises looking to explore NLP should consider whether a solution has a process ontology that builds best practices, works across multiple languages, detects formality, and perceives when a human should get involved. Best practices should be tested on internal use cases before applying NLP technology to external-facing problems.
In the next 12 months, it is likely we will see many of the largest consumer banks that already have a virtual assistant rolling out new uses cases for their virtual assistants within both their consumer banking and wealth management arms. Other banks that do not yet have a virtual assistant or chatbot offering will be racing to catch up.