How Artificial Intelligence is Transforming the Financial Services...

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How Artificial Intelligence is Transforming the Financial Services Landscape

By CFO Tech Outlook | Thursday, August 06, 2020

Large scale adoption of AI has become a trend, with half of all AI leaders having simultaneously implemented AI in several vital areas such as generating new revenue potential, process automation, risk management, customer service, and client acquisition.

Fremont, CA: The digital age is upon us, and businesses worldwide are becoming data-driven. This transformation is driven by various technologies like Artificial Intelligence (AI), Big Data, Machine Learning, Blockchain, and more. The financial industry was one of the first to understand the promise of the big data revolution and the wave of technology that comes along with it. Over the last decade, AI has become a powerful tool that has been widely deployed in financial services. Deployed with sufficient diligence, prudence, and care, the technology has the potential for a positive impact. In the short term, AI has become mainstream in the financial industry. Fintech companies are rapidly leveraging this technology to create new products and services while also leveraging it to improve existing services. Top 10 Accounting Solution Companies - 2020

A lion’s share of fintech companies are taking a more product-oriented approach to AI by selling AI-enabled offerings as a service. At the same time, some companies are focusing on leveraging the technology to foster process innovation within existing product portfolios. Large scale adoption of AI has become a trend, with half of all AI leaders having simultaneously implemented AI in several vital areas such as generating new revenue potential, process automation, risk management, customer service, and client acquisition. While fintech companies are currently placing more emphasis on the strategic importance of AI to their business, experts believe that it will become a significant business driving factor within two years.

Potentially, AI can supercharge financial services and transform the way services are delivered to customers. The technology will lay the foundation for more informed and tailored products & services, internal process efficiencies, enhanced cybersecurity, and reduced risk. With the right approach, AI can prove beneficial to firms, their customers, and the wider society. Disruptive technology is a fact of life, and it is not the most robust businesses that survive but the most adaptable to change.

The financial sector has been subject to reforms for many years now. The industry has always been on top of innovative technologies to improve performance and offer better customer experience. FIntech solutions that leverage big data analytics, AI, and blockchain technology are being introduced at an unprecedented rate. These new technologies have transformed the traditional industry and created opportunities for fintech startups to offer more inclusive access to financial services.

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