Artificial intelligence (AI) in finance encompasses everything from Chatbots assistants to fraud detection and task automation. Most banks (80%) are well aware of the potential benefits that AI presents, according to Insider Intelligence's AI in Banking report.
Financial institutions (FIs) adopting AI will be accelerated by technological advancement, greater user acceptance, and a change in regulation. Banks using AI can greatly improve the customer experience by offering 24/7 access to their accounts and financial advisory services.
With key business benefits and pressures from tech-savvy consumers, AI is being implemented by financial institutions for all financial services. Here's how:
Banks for personal finance are being pushed to increase their IT and AI budgets. Business Insider Intelligence. Consumers are hungry for financial independence, and providing the ability to manage financial health is the driving force behind the introduction of AI into personal finance.
24/7 Financial advices via integrated Chatbots or personalization of insights for asset management solutions. AI is a necessity for any financial institution wanting to be a top player in the industry.
AI is particularly useful in corporate finance as it can better predict and assess loan risks. For companies looking to increase their value, artificial intelligence technologies such as machine learning can help improve loan underwriting and reduce financial risk.
Crime through advanced fraud detection and detecting anomalous activity as the company's accountants, analysts, treasurers and investors work to achieve long-term growth.
The benefits of implementing AI in finance - for automating tasks, detecting fraud, and providing personalized recommendations - are enormous. AI applications for front and middle office businesses can transform the financial industry by: