AI can collect insights from customer accounts and social media activities to obtain a better view of their entire financial picture. Therefore, AI can identify the potential for default and take action before it occurs.
For example, AI and Machine learning can analyze customers’ digital interactions to determine if the customer is in a difficult financial situation. A customer account may depict a sudden loss of income. Banks can also use AI to proactively reach out to customers to help improve customer loyalty, offer options, and prevent defaults.