Artificial intelligence (AI) is now being used across all industries, helps to reduce the time spent on operations, organize information and data and spot suspicious behavior. AI is particularly beneficial in the finance sector. It’s transforming everything, from financial planning to the prevention of fraud to the underwriting of loans.
The most common use cases for AI in finance is to automate repetitive, high-frequency tasks in order to reduce human error and free up resources to focus on other important tasks. Automating processes, for example, can reduce costs and manual data entry by up to 50% to 70 percent. AI can also assist in accelerating market research, forecasting investment growth and assessing risk by flagging anomalous data and alerting users of potential problems by delivering real-time notifications.
AI can also be utilized to stop financial crimes and cyberattacks. Fraudulent transactions can lead to billions of dollars being lost every year and AI is a game changer because it can analyse large amounts of data rapidly to detect suspicious patterns. Using deep learning and other sophisticated algorithms, AI can help identify fraudulent transactions before they are done, such as when a car loan application is spotted as being not in compliance with the company’s policies.
In the end, AI is a crucial component for providing customers with 24/7 support by helping them navigate their financial services with ease through voice and chatbots. AI-powered virtual assistants let customers access account information, check transactions history, and get customized information by asking questions in a natural language. The assistants also offer personalized and proactive recommendations on additional savings and investments, insurance, and much more.
