The financial industry is being reshaped by artificial intelligence (AI).
Sectors worldwide are making the investment in AI, including financial services. Introducing advanced technology into company processes can be a challenge, but the competitive edge it creates is worth it.
Customer service is being transformed by AI-enhanced automated services. The use of big data means being able to personalize financial management and provide better customer care while minimizing errors and deployment delays.
Smart chat bots are easing the strain on call centres in handling customer enquiries. Digital assistants and apps perform financial duties such as making bill payments and paying taxes. Mobile banking apps and virtual assistants can report activity in bank accounts, check balances and schedule payments.
Credit card fraud prevention is entering new realms of effectiveness with AI. By analyzing purchasing behavior, habits and other user patterns, fraud detection systems automatically send an alert at signs of any suspicious activity. Money laundering and embezzlement are also easier to detect.
Objective appraisals in credit scoring and identifying high risk applicants are now made by AI systems as well. Lending decisions and forecasting are informed by the powerful predictive capabilities of algorithmic processing.
Artificial intelligence-enabled software promises to slash operating expenses and enhance productivity for the financial sector. Rapid processing power and algorithms interpret huge amounts of data with a speed and accuracy not possible before. Advanced analytics, process automation and self-learning programs are just the start of the enhancements AI will bring to financial services.
The topic of this article forms part of the curriculum for the Schulich ExecEd program Artificial Intelligence (AI) in FinTech for Company Growth (Nov. 26-27, 2019). This program is designed to give participants a comprehensive overview of how AI in the fintech market is currently being used, and how it can be further leveraged.