NLP in FinTech Applications: Past, Present and Future
This paper provides a roadmap for researchers and practitioners in FinTech by summarizing past applications and outlining future challenges, but it is incremental as it reviews existing work without presenting new results.
This position paper reviews the application of natural language processing (NLP) technologies in FinTech, focusing on scenarios like Know Your Customer (KYC), Know Your Product (KYP), and Satisfy Your Customer (SYC) to analyze textual data for understanding customers and products, and it highlights future research directions in open finance.
Financial Technology (FinTech) is one of the worldwide rapidly-rising topics in the past five years according to the statistics of FinTech from Google Trends. In this position paper, we focus on the researches applying natural language processing (NLP) technologies in the finance domain. Our goal is to indicate the position we are now and provide the blueprint for future researches. We go through the application scenarios from three aspects including Know Your Customer (KYC), Know Your Product (KYP), and Satisfy Your Customer (SYC). Both formal documents and informal textual data are analyzed to understand corporate customers and personal customers. Furthermore, we talk over how to dynamically update the features of products from the prospect and the risk points of view. Finally, we discuss satisfying the customers in both B2C and C2C business models. After summarizing the past and the recent challenges, we highlight several promising future research directions in the trend of FinTech and the open finance tendency.