AWS AI Use Cases Transforming Financial Services by Switch
Switch, a financial services technology partner, addresses the need to improve risk intelligence, automate manual and error-prone processes, enhance security, and scale customer engagement and personalization across banking, insurance, reinsurance, fintechs, and neobanks. Switch integrated multiple AWS AI services including Amazon Textract, Amazon Comprehend, Amazon Rekognition, Amazon Lex, Amazon Polly, Amazon Transcribe, Amazon Bedrock, and Amazon Q to automate claims processing, KYC, fraud detection, onboarding, and regulatory compliance. These services enable real-time multilingual claims processing, secure identity verification, virtual customer assistants, personalized recommendations, and generative AI for financial report generation and agent assistance.
- Organization
- Switch
- Industry
- Finance
- Location
- United States
- Published
- May 2024
Reported outcomes
Strategic outcomes
Primary read
Use case focus
Showing 3 of 5
- 1Risk Intelligence
- 2Fraud Detection
- 3Conversational AI
- Improve risk intelligence and automate manual, risk-prone processes in financial services.
- Enhance security and trust for identity verification and fraud detection.
- Scale customer engagement and personalization efforts.
- Support multi-lingual, multi-channel customer service and operational efficiency.
- Implemented AWS AI services such as Amazon Textract for document data extraction and Amazon Comprehend for sentiment and entity recognition.
- Deployed Amazon Rekognition for facial matching and identity verification to comply with KYC/AML requirements.
- Used Amazon Lex and Amazon Polly to build voice-enabled conversational AI virtual assistants for customer support and onboarding.
- Utilized Amazon Bedrock and Amazon Q to access generative AI models for tailored financial report generation, interactive Q&A, and AI-driven agent assistance.
- Enhanced operational efficiency and reduced manual processing risks in claims and KYC workflows.
- Enabled real-time multilingual claims processing for global insurers.
- Improved fraud detection rates and customer identity verification.
- Scalable customer service with AI virtual assistants that handle queries and support live agent handoffs.
- Delivered hyper-personalized financial recommendations and AI-generated financial reports.
Sources & evidence1
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