Free Quiz
Write for Us
Learn Artificial Intelligence and Machine Learning
  • Artificial Intelligence
  • Data Science
    • Language R
    • Deep Learning
    • Tableau
  • Machine Learning
  • Python
  • Blockchain
  • Crypto
  • Big Data
  • NFT
  • Technology
  • Interview Questions
  • Others
    • News
    • Startups
    • Books
  • Artificial Intelligence
  • Data Science
    • Language R
    • Deep Learning
    • Tableau
  • Machine Learning
  • Python
  • Blockchain
  • Crypto
  • Big Data
  • NFT
  • Technology
  • Interview Questions
  • Others
    • News
    • Startups
    • Books
Learn Artificial Intelligence and Machine Learning
No Result
View All Result

Home » Natural Language Processing In Finance- Acing Digitization Game

Natural Language Processing In Finance- Acing Digitization Game

Vatsal Ghiya by Vatsal Ghiya
March 31, 2022
in Artificial Intelligence, Data Science, Deep Learning, Technology
Reading Time: 3 mins read
0
Natural Language Processing
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

Natural language processing in finance can extract and analyze unstructured data by using OCR, sentiment analysis, named entity recognition, and topic modeling applications

With the rising digital payments being made across the globe how can financial organizations ensure maximum sales conversion and payment acceptance, as well as minimize risk exposure? Sounds alarming?

In the finance industry that is highly reliant on data processing and information maintaining a marginal edge and understanding the natural nuance of customers to provide on-time resolution requires AI-related technology.

As per Gartner, AI technologies like Natural Language Processing (NLP) are gaining traction from businesses to create new products, improve existing products and enhance customer base.

Also Read:

New study explores role of generative AI in the use of copyrighted material

Google launches ‘implicit caching’ to make having access to its latest’s AI models less expensive

AI Fails the Social Test: New Study disclose Major Blind Spot

From Trash to Tech: Scientists Turn Pomelo Peels into Electricity-Generating Devices

This rapid evolution is driven by two factors: Firstly, having grown accustomed to virtual assistants like Siri in their daily lives, customers accept the same in their workplace. Second, today NLP is no longer reliant on rules-based processes, with Machine learning, NLP allows greater scalability and accuracy. Let’s have an in-depth look at natural language processing and how NLP is a sure-shot solution to make data-driven decisions in real time.

Table of Contents

Toggle
    • Also Read:
    • Strength in Numbers: Ensembling Models with Bagging and Boosting
    • What is Codex, OpenAI’s latest AI coding agent capable of multitasking?
    • Taiwan’s Computex to showcase AI advances, Nvidia’s Huang to take centre level
    • Improvements in ‘reasoning’ AI models can also slow down soon, analysis reveals
  • Understanding Natural Language Processing
  • Top Applications of Natural Language Processing in Finance
    • Optical Character Recognition (OCR)
    • Natural Language Processing – Sentiment Analysis
    • Named Entity Recognition
    • Topic Modeling
  • Future of NLP in Finance

Read More:- Why Employing Programming Language R in your Data Science Projects come as your best bid?

Understanding Natural Language Processing

Natural Language Processing is a subset of artificial technologies that use machine learning algorithms to enable computers to understand, interpret, and comprehend the natural nuance of human context.

Organizations using chatbots and virtual assistance can leverage NLP to mine insights from the vast amount of data and understand the user’s natural language query inputs. NLP for financial documents can be a game-changer.

For example, financial professionals spend a lot of time reading financial press, analyst reports, and other sources of information. NLP can help design a system that can make informed decisions in real time by converting unstructured data into textual format with minimal human intervention.

Top Applications of Natural Language Processing in Finance

However, there is a wide range of NLP applications but some of them stand to benefit the most in the finance sector. Let’s dig in-

Natural Language Processing

Optical Character Recognition (OCR)

In financial organizations, dealing with a pile of data is a common occurrence. Corporate filings, Research And analytics reports, and quarter revenue transcripts are some of the financial documents that financial analysts need to paddle through.

The piling of unstructured data (ex- pdf, email, images, text,) makes the analysis more time-consuming and tedious. At this juncture, optical character recognition allows you to convert unstructured financial datasets into a digestible format to be fed into the NLP pipeline for further analysis.

Read More:- Working Of Machine Learning In AI Paraphrasing Tools

Natural Language Processing – Sentiment Analysis

Valuable customer experience is paramount to any financial organization. However, by using Conversational AI chatbots financial institutions can keep an eye on the voice of the customer.

But, the underlying sentiment behind a customer’s voice can only be determined by sentiment analysis.

Sentiment analysis algorithms detect customer pain points and their emotional quotients, allowing the financial institution to design the policy and services as per customer interest.

Over time, this information can be consolidated to offer personalized financial products and services to customers.

Named Entity Recognition

Regardless of which organizations a customer interacts with, data privacy and security are top concerns. And the financial industry is jam-packed with the processes like credit risk management, underwriting, and loan disbursal that require huge human effort and fraud prevention.

Using named entity recognition enable the finance sector to go beyond the sentiment analysis, and detect real-life concepts like a specific person, company name, location, organization, and others.

By collecting the extracted information NLP datasets can easily compare the customer information in their database and create an alert if it detects fraud and money laundering.

Topic Modeling

Due to irregular non-classified data, and seasonal variations, predicting time series for financial analysis is a complicated task.

However, the machine learning-enabled topic modeling approach can provide semantically structured data by classifying common words and phrases and grouping them for easy financial analysis and marketing decisions.

That’s how NLP provides precise workflow automation for the financial manager in lower turnaround time.

Read More:- Introducing Metaverse: A Glimpse into its Crucial Characteristics

Future of NLP in Finance

With NLP in finance, the future is bright, and your financial institution should be too. From taking over mundane and repetitive tasks to providing robust financial analysis support, NLP allows finance organizations to effectively ensure regulatory compliance and gained increased market insights. It’s high time for financial organizations to make a transition from smart to smarter. Because the longer you procrastinate, the faster you lose the game.

Tags: datascienceNatural language processingNLPNLP Finance
ShareTweetShareSend
Previous Post

Working Of Machine Learning In AI Paraphrasing Tools

Next Post

Patient Identity Verification Process Explained – The Anti-fraud Pill

Vatsal Ghiya

Vatsal Ghiya

Vatsal Ghiya is a serial entrepreneur with more than 20 years of experience in healthcare AI software and services. He is the CEO and co-founder of Shaip, which enables the on-demand scaling of our platform, processes, and people for companies with the most demanding machine learning and artificial intelligence initiatives.

Related Posts

World First: Engineers Train AI at Lightspeed
Technology

World First: Engineers Train AI at Lightspeed

May 2, 2025
AI memory need propels SK Hynix to historic DRAM market leadership
Artificial Intelligence

AI memory need propels SK Hynix to historic DRAM market leadership

April 28, 2025
Anthropic is releasing a new program to study AI ‘model welfare’
Artificial Intelligence

Anthropic is releasing a new program to study AI ‘model welfare’

April 25, 2025
Huawei readies new AI chip for mass shipment as China seeks Nvidia options, sources stated
Artificial Intelligence

Huawei readies new AI chip for mass shipment as China seeks Nvidia options, sources stated

April 23, 2025
Next Post

Patient Identity Verification Process Explained – The Anti-fraud Pill

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

+ 82 = 90

TRENDING

How Artificial Intelligence Is Helping To Avoid Blindness ?

artificial-intelligence-to-avoid-blindness
by Tarun Khanna
August 26, 2021
0
ShareTweetShareSend

Empirical Problems Of Machine Learning

Problems Of Machine Learning
by Tarun Khanna
February 13, 2021
0
ShareTweetShareSend

How to Exemplify Your Cardinal Skills with Deep Learning?

by Manika Sharma
February 21, 2021
0
ShareTweetShareSend

What is Codex, OpenAI’s latest AI coding agent capable of multitasking?

What is Codex, OpenAI’s latest AI coding agent capable of multitasking?

Photo Credit: https://indianexpress.com/ In April this year, OpenAI launched another AI coding agent tool called Codex CLI.

by Tarun Khanna
May 19, 2025
0
ShareTweetShareSend

Best Stream2Watch Alternatives to Look Forward in 2022

stream2watch-alternatives
by Tarun Khanna
January 20, 2022
0
ShareTweetShareSend

Rising Bitcoin Leverage Keeps Traders on Edge as Volatility Drops

Rising-Bitcoin
by Tarun Khanna
January 5, 2022
0
ShareTweetShareSend

DeepTech Bytes

Deep Tech Bytes is a global standard digital zine that brings multiple facets of deep technology including Artificial Intelligence (AI), Machine Learning (ML), Data Science, Blockchain, Robotics,Python, Big Data, Deep Learning and more.
Deep Tech Bytes on Google News

Quick Links

  • Home
  • Affiliate Programs
  • About Us
  • Write For Us
  • Submit Startup Story
  • Advertise With Us
  • Terms of Service
  • Disclaimer
  • Cookies Policy
  • Privacy Policy
  • DMCA
  • Contact Us

Topics

  • Artificial Intelligence
  • Data Science
  • Python
  • Machine Learning
  • Deep Learning
  • Big Data
  • Blockchain
  • Tableau
  • Cryptocurrency
  • NFT
  • Technology
  • News
  • Startups
  • Books
  • Interview Questions

Connect

For PR Agencies & Content Writers:

connect@deeptechbytes.com

Facebook Twitter Linkedin Instagram
Listen on Apple Podcasts
Listen on Google Podcasts
Listen on Google Podcasts
Listen on Google Podcasts
DMCA.com Protection Status

© 2024 Designed by AK Network Solutions

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Artificial Intelligence
  • Data Science
    • Language R
    • Deep Learning
    • Tableau
  • Machine Learning
  • Python
  • Blockchain
  • Crypto
  • Big Data
  • NFT
  • Technology
  • Interview Questions
  • Others
    • News
    • Startups
    • Books

© 2023. Designed by AK Network Solutions