Have you ever wondered what separates thriving banks and financial institutions (FIs) from those struggling to keep up in today’s market? In an industry where innovation is boundless and customer expectations are higher than ever, financial leaders face pressing questions: How can they remain competitive in a rapidly changing landscape? How do they meet rising customer expectations while ensuring operational efficiency? And, perhaps most importantly, how can they make faster, smarter decisions without increasing risk? One powerful solution is Composite AI, a transformative approach that empowers banks and FIs to tackle these challenges and leverage the benefits of Composite AI.

If you haven’t come across the term ‘Composite AI’, here’s everything you need to know about Composite AI in the financial industry. This game-changing technology integrates multiple AI capabilities and enables banks and FIs to make real-time, data-driven decisions while enhancing customer experiences. So, what are the key benefits of Composite AI that can set banks and FIs on a new path toward efficiency, agility, and innovation? Let’s explore.

Make Smarter Decisions with Real-Time Insights

In the financial industry, effective decision-making relies heavily on the ability to process vast amounts of information quickly and accurately. Traditional systems often lead to fragmented insights due to reliance on isolated data sources. Composite AI transforms this process by seamlessly integrating diverse data streams, such as credit histories, transaction data, alternative data, and even unstructured data.

Imagine if your bank or financial institution (FI) could access real-time, comprehensive data, empowering you to make decisions that drive immediate, impactful action. With Composite AI, lending decisions move beyond static credit scores, instead drawing on a 360-degree view of customer risk. This capability not only reduces default rates but also highlights the benefits of Composite AI by broadening customer reach, enabling smarter, faster lending decisions, and fostering a more strategic approach to growth and risk management.

Maximise Efficiency, Minimise Costs

According to a 2023 NVIDIA survey, 36% of financial services professionals reported that AI applications reduced their company’s annual costs by over 10%, highlighting AI’s strong impact on cost savings in the financial industry. This leads to important questions for your bank or FI:

How much time and resources are spent on manual tasks within your bank or FI? What could you achieve if these tasks were automated?

Composite AI allows banks and FIs to significantly reduce hours spent on manual labour, such as data entry and loan application verification. This automation not only cuts costs but also underscores the benefits of Composite AI by enabling employees to concentrate on higher-value tasks like innovation, strategic planning, and customer relationship building. For instance, ABC News found that big banks are increasingly using AI to help assess home loans, with call centres potentially becoming fully automated soon. By deploying AI to handle routine customer inquiries and back-end automation to optimise operations like document processing and loan approvals, banks and FIs can simultaneously enhance efficiency and service quality.

Deliver Personalised Experiences at Scale

Today’s financial customers expect tailored experiences that anticipate their needs. This shift towards personalisation presents a significant opportunity for banks and financial institutions to enhance customer relationships and achieve customer centricity. Composite AI empowers banks and FIs by utilising extensive customer data to craft personalised product recommendations and financial advice that resonate with individual clients. Imagine if your bank or FI could accurately predict a customer’s need for a specific loan product, such as a personal loan or a home mortgage, even before they express interest.

By leveraging advanced predictive analytics, Composite AI can analyse customer profiles, transaction histories, and credit behaviours, highlighting the benefits of composite AI in proactively offering tailored loan products that align with each customer’s financial situation. But that is not all. Composite AI also plays a crucial role in the recovery process. By assessing repayment behaviours and identifying customers at risk of default, banks can understand patterns in payment delays or shifts in financial circumstances. This insight allows them to offer personalised support and flexible repayment options, such as restructuring loans or providing temporary payment relief. As a result, banks and FIs can improve customer satisfaction and position themselves as trusted partners in their clients’ financial journeys, ultimately driving loyalty and long-term success.

Strengthen Security with Advanced Fraud Detection

One of the key benefits of Composite AI is its ability to enhance security through advanced fraud detection, making effective risk management a reality today. By analysing extensive datasets, Composite AI can identify anomalies and quickly flag deviations indicative of potential fraudulent activity throughout the lending process. For instance, it can detect discrepancies among various submitted reports, such as inconsistencies between loan applications, credit reports, and other supporting documentation. This comprehensive analysis integrates data from multiple sources, including credit bureaux, banks and FIs, and public records. By synthesising these data points, Composite AI significantly boosts detection capabilities, enabling banks and FIs to maintain a proactive stance against fraud. This allows them to swiftly respond to potential threats, ultimately protecting their assets and safeguarding their customers.

Drive Innovation by Empowering Your Workforce

While automation is a major advantage of Composite AI, its true value lies in how it empowers employees to drive innovation. With AI taking over repetitive tasks, employees are freed up to engage in strategic, high-impact work. According to a recent Citigroup report, AI could potentially displace over 50% of banking jobs, highlighting an urgent need for employees to upskill and turn AI into an advantage. Rather than fearing redundancy, employees can leverage AI tools to enhance their roles, moving from tasks like data entry to interpreting trends, developing innovative financial products, and refining customer engagement strategies. This shift not only boosts job satisfaction but builds a culture of creativity and collaboration, where human expertise and AI work hand in hand. Embracing this synergy can help financial institutions stay resilient and lead the charge in an industry where competition is relentless.

Conclusion: Leading the Way with Composite AI

Composite AI is not just reshaping the financial landscape; it’s opening doors to a future brimming with possibilities. As the financial landscape undergoes rapid evolution, those who harness the full potential of Composite AI will be at the forefront of the next wave of innovation.

Curious about how it can work for you? Contact us for a free demo and let us know your unique use cases. Together, we can explore how JurisTech’s Composite AI platform can transform your organisation and pave the way for your success!

About JurisTech

JurisTech is a global leading company, specialising in enterprise-class lending and recovery software solutions for banks, financial institutions, telecommunications, and automobile companies worldwide. JurisTech has been mentioned as a Representative Provider for Lending Ecosystems, as a Representative Vendor for Commercial Loan Origination Solutions, and as a Sample Vendor for Commercial Banking Onboarding across Gartner reports in 2024.

We power economies by reimagining financial services with cutting-edge software solutions, leveraging composable architecture and generative AI. Our offerings include artificial intelligence (AI), auto-decisioning, digital customer onboarding, loan origination, credit scoring, loan documentation, litigation, and debt collection.

Our solutions have enabled businesses across a broad array of industries to undergo digital transformation, providing enhanced customer experiences and, most importantly, achieving their business goals.