AI and Its Impact On The Finance Industry
AI and Its Impact On The Finance Industry
AI and Its Impact On The Finance Industry
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There is no other business sector that is more focused on developing and implementing AI for speed, accuracy, and
efficiency as much as the financial industry. At the heart of the AI revolution are machine learning algorithms, software
that self-improves as it is fed more and more data, a trend that the financial industry can benefit from immensely. AI in
finance is creating a huge impact. Let's take a look how.
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and drastically reduced the cost of serving customers. While AI has, on one hand, reduced the cost of financial services,
on the other, it has made financing extremely convenient to avail. Through various digital servicing channels, AI is proving
effective in attracting that large section of the population to financial services, which previously found them
cumbersome, expensive, and time-consuming.
Automation
Critical decisions in fields like finance cannot afford to be marred by the inaccuracy involved in human decisions. AI in
finance implies thorough research, understanding, and learning over long periods of time and vast volumes of data. AI
introduces automation in areas that require high degrees of incisiveness thereby, safeguarding the trust of consumers.
Insight generation
Insight generation involves extracting meaningful and actionable intelligence from ever-increasing quantities of available
raw data.With the amount of information in the world nearly doubling each year, it is no surprise that data complexity is
the top challenge standing in the way of digital transformation. One of the fastest growing uses of AI is to listen to all
customer communications, both directly with a company and about that company in the market at large - ranging from
call centre conversations to chat sessions and even social media activity.
Business acceleration
Business acceleration refers to how companies use AI to expedite knowledge-based activities to improve efficiency and
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performance, such as financial institutions creating investment strategies for their investors. While this type of activity is
often viewed as an opportunity to reduce costs through the automation of internal processes, it should also be
considered in terms of the firm's ability to transform the customer experience.
For example, if a bank can use AI to minimise the time it takes to approve a loan, it not only reduces its own costs but
also provides an improved customer experience.
The future
AI in finance is all about continuous learning and re-learning of patterns, data, and developments in the financial world. AI
gives the flexibility to build upon the current system or line of financial products and services. This means there is no need
to start from scratch, but can easily keep improvising the offerings over time. Once introduced, AI will keep the financial
services updated and ready to face the market. AI in finance is, therefore, invaluably contributing to the financial industry.
Over time, AI is not only going to revolutionize the financial industry but become the industry itself.
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BI & Analytics
Updated On : September 2017
CLIENT SPEAK
"On 20th of November 2016 our bank The Bank is associated with M/S Nelito Good & Co-operative. We a
data was migrated to FinCraft and we since 2002. M/S Nelito Systems Ltd has contin
Ronniee Gupta | DGM
orked have completed one year successfully in been our CBS vendor since 2009. The UCO Bank team t
n to FinCraft. So we thank all the team Products, quality of service offered by
Nagen
members of both IFTAS and Nelito for them are excellent. They have a very Secret
Govern
your great co-operation in this good support team and are trained
success.We expect more & more co- enough for handling any type of
ch of operation in implementing new situation.
technologies in banking sector from
D K Kandpal | Vice President (IT)
your side in future." Nainital Bank
M V Kumar | CEO
Kempegowda Bank
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