Data is everywhere, and ripe for the mining. It can help financial firms offer better services and can help healthcare providers set up payment plans tailored to individual clients’ needs – and make sure revenue is not left on the table. But data can only be useful if it is sliced and diced and used in a manner that involves speed and accuracy, which is where machine learning and AI come into play. Yet as the AI Innovation Playbook found, many FIs are not using such technologies optimally.
Data:
57 percent: Share of individuals surveyed by Flywire and PYMNTS who would like a payment plan offered for medical services.
$7.5 billion: Amount that goes uncollected of the $63.7 billion owed by healthcare patients every year.
70.5 percent: Share of FIs that use data mining.
2.5 percent: Share of financial firms that use AI systems to boost payments offerings.
4.1: Number of analytics tools used by banks with more than $100B in assets.