Artificial intelligence, machine learning, and natural language processing (NLP) are reshaping finance by boosting accuracy and data consistency. This blog explores NLP’s impact and various use cases in the financial sector.
NLP data labeling is crucial, enhancing data quality for machine learning models using techniques like NER, Sentiment Analysis, Document Categorization, and Optical Character Recognition.
Key use cases include:
- Unstructured Data Processing: NLP simplifies the analysis of vast unstructured financial data, ensuring regulatory compliance and informed decision-making.
- Risk Assessment: NLP aids in assessing risk levels for customers/entities by streamlining document analysis.
- Sentiment Analysis: Financial sentiment analysis helps gauge market reactions, aiding investment decisions.
- Fraud Detection: NLP automates fraud detection by analyzing credit history, loan transactions, and income records.
- Accounting and Auditing: NLP enhances efficiency in accounting, auditing, document reviews, and fraud detection.
- Intelligent Document Processing (IDP): NLP techniques like NER and OCR improve document extraction from large datasets.
- ChatGPT for Finance: Integration of ChatGPT and NLP enhances risk management, financial analysis, sentiment analysis, and report generation.
In conclusion, NLP revolutionizes finance, streamlining operations, improving decision-making, and mitigating risks, making it indispensable for modern financial institutions.
Read the full article here:
https://www.techiesguardian.com/here-are-the-applications-of-nlp-in-finance-you-need-to-know/
