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How is AI changing the financial industry?

Almost every industry under the sun has been found ripe for AI disruption. The financial industry, out of all, has shown the maximum promise.

Deloitte insights revealed that frontrunner financial services companies are driving a revenue growth of 20%, which is attributable to AI initiatives and greater than 12% achieved by their peers. Besides, these companies are improving customer experience by 47%, defining AI success like never.

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This proves AI has emerged as the Holy Grail that the financial industry has long waited to reach. It’s with this technology that the sector is finally taking off its legacy burden and coming of age.

The following are the ways in which AI continues to change the financial industry for good.

1. Based on past interactions, AI systems develop a better understanding of customers and provide insights that are helping financial companies personalize their services and products as per market needs and delivering relevant customer experiences.

2. Chatbots are considerably evolving to understand the context in user interactions and providing solutions that best fit the needs. This is facilitating a new era of intelligent CX for financial services companies.

3. AI is radically streamlining the back-office processes that once hampered the pace of productivity. The technology is bucking the old processes by introducing automation across the board, freeing employees to move beyond the mundane tasks and doing greater strategic and creative thinking.

4. Cognitive systems are helping financial companies leverage the value of data in real-time and use insights to predict and forestall risks, which has helped in ensuring proactive business management and more stability in the face of disruption.

  1. By pulling the plug on manual processes, AI is lowering down the risks of expensive errors, and improving business efficiency as well as cost savings.

The financial sector is witnessing its biggest ever transformation. However, with AI in the vanguard, there are still a few challenges that need to be addressed, which include the unavailability of qualified data, employee resistance, and ethical dilemma. But, despite these challenges, it’s time for the financial industry to realize that AI isn’t a replacement, but assistance, and make constant headway in this direction. Because the future is intelligent! And, those who will successfully adapt to the turning tides are the leaders of tomorrow.

Disclaimer: I work with Kellton Tech.