Member-only story
How Finance Can Leverage AI
Artificial intelligence (AI) and related technologies are embedding and stepping into the world of banking and financial services. This is because of their remarkable performance to certain asks compared to human operators regarding raw unstructured data. As a result, banking and financial services are integrating AI tools and segments from computational methods to intelligence.
Machine learning (ML), a branch of AI, is the most widely used technology used in financial services to collect data and automate the learning related to certain financial tasks. AI and ML in banking include everything from chatbot assistants to task automation and fraud detection. According to Insider Intelligence’s AI in Banking report, almost 80% of banking institutions are aware of the benefits caused by AI.
Some of the essential things that AI and ML can potentially contribute to are financial analytics, task automation, credit scoring, and market valuation with investment strategies prediction. Other specialties include fraud detection, consumer behavior forecasts, cyber risks for corporate finance, corporate performance management, wealth management, and insurance quotations. AI could achieve these things through improved productivity, enhanced customer experiences, and reduced costs, providing refined personalized services…
