- Artificial intelligence (AI) is revolutionizing how consumers and companies alike access and manager their finances.
- And with the aggregate potential cost savings for banks from AI applications estimated at $447 billion by 2023, banks are finding new ways to incorporate the tech into their services.
Artificial intelligence (AI) in finance encompasses everything from chatbot assistants to fraud detection and task automation. Most banks (80%) are highly aware of the potential benefits presented by AI, according to Insider Intelligence’s AI in Banking report.
The decision for financial institutions (FIs) to adopt AI will be accelerated by technological advancement, increased user acceptance, and shifting regulatory frameworks. Banks using AI can vastly improve the customer experience by offering 24/7 access to their accounts and financial advice services.
Applications of AI in Financial Services
With key business benefits and pressure from tech savvy consumers top of mind, AI is being implemented by FIs across