What is Natural Language Processing (NLP)?
Natural Language Processing (NLP) helps machines to better understand human language. Computers can easily identify keywords and understand the literal meaning of words, but it lacks the nuance of human speech patterns, so it misses things like sarcasm. NLP uses Artificial Intelligence (AI) to process and interpret natural human languages with context.
Computer learning follows the same technique as teaching a baby, it learns through repeated examples that they then reproduce. The difference is that computers need significantly more data to achieve the same results. It also requires a far more structured model formation than our “hands on” approach to teaching toddlers.
Natural Language Processing (NLP) in financial services
Most of the evidence in financial services sits in language: adviser meetings, customer calls, complaints and written documents. NLP allows firms to analyse that material at scale, for example to review interactions for compliance or to extract the key facts from a conversation.