Artificial intelligence is here to disrupt industries. We are ready. Are you?

Artificial Intelligence technologies and capabilities are driving digital transformation, growth, and opportunity in nearly every sector.

Finance & Technology

Artificial intelligence has become a real game changer in the world of finance. AI is also dominating the finance market faster and more efficiently than humans — from managing investments, to collecting financial data and using predictive analytics to anticipate changes in the stock market, which big financial firms use as a guide for investment opportunities. Almost every company in the financial technology sector has already started using AI to save time, reduce costs and add value.

4 WAYS TO CHANGE FINANCE INDUSTRY BY DEVELOPING ARTIFICIAL INTELLIGENCE

Automation

With AI, it’s possible to automate processes to manage tasks like understanding new rules and regulations or creating personalized financial reports for individuals.

Reporting and Analysis

AI can be used to examine cash accounts, credit accounts, and investment accounts to look at a person’s overall financial health, keeping up with real-time changes and then creating customized advice based on new incoming data.

Predictive Analytics

When it comes to financial advice, many consumers want some help when it comes to personal finance advice. A recent studies showed that 79% of 22 – 34 year olds, 77% of 35 – 49 year olds, and 62% of 50+ year olds were moderately-to-extremely interested in using a digital financial wellness coach. But they don’t just want abstract lessons about finance. Consumers want to be warned and reminded of important information about their own financial data, not told about issues after the fact.  Some AI based solutions tells users when they can actually spend money, based on their income, bank balances and upcoming obligations.

Chatbots

Chatbots are not only a money-saving tool, they can automate simple tasks such as opening a new account or transferring money between accounts. Companies that want to use them only need to install them on their existing websites rather than create a separate chatbot app. And they’re always on, so even a customer who visits your website at 3:00 AM can get answers to their questions and assistance with their problems.

Avoiding fraud and money laundering is also a challenge for many financial organizations. Artificial intelligence has the potential to help banks become more efficient in the process of detecting fraud and money laundering. To quickly identify potential fraud, AI engineers can develop tools and systems that automatically conduct and compress data that normally requires many hours of labor in just a matter of minutes.

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