Artificial intelligence and financial services are converging to create an exponential change in the world of finance, it is a fundamental and unavoidable change in how we live and interact with technology.
It will have a profound effect on every aspect of our economic, social and political system, the implications go well beyond finance, it presents a new opportunity for financial services to evolve and innovate.
It has the potential to create entirely new business models and transform the way financial institutions operate.
The Future of Artificial Intelligence in Finance
AI has the potential to bring about a revolution in the way that banks and financial institutions operate, the future Artificial intelligence in finance will be shaped by how these organizations choose to adopt these technologies.
There are many ways that AI can be used to improve current banking systems and operations, as financial services continue to evolve, so too does the role of technology and human capital.
The future of AI in the financial sector
AI has the potential to completely redefine how financial institutions operate, which would be an exciting development, in fact, one of the top banking CEOs predicts that it will be a core part of every major bank’s operations in less than 10 years.
The banking sector is already utilizing AI technology to make decisions on loans, manage customers and handle other tasks, the future is now with respect to AI and finance, but it may not always be this way. What is the future of AI in finance? As it becomes more ingrained into our society, we’ll likely start seeing a shift from people-centric to data-centric models for financial services.
This means that machines will have a significant role in determining who gets a loan and at what interest rate based on their credit score learned by evaluating their data profiles.
This does not negate the need for human involvement as there are still some key functions where machines cannot replace humans such as emotional intelligence and empathy.
But these roles will also become automated over time as emotional computing matures so the lines between finance and technology will continue to blur in the coming decade.
AI in your financial life
AI has the potential to significantly improve financial literacy, regulation, and compliance, financial institutions can use AI to assess risk, manage and monitor customer behavior, provide customer service, and much more.
The challenge for financial services is to think about how artificial intelligence can be leveraged as a tool for innovation, financial institutions should rethink their business models in order to create new opportunities for growth and engage customers.
It is set to change the way we work, live, and play in the future, while we are still at the very beginning of the AI revolution, it is clear that AI will be a disruptive force in the economy.