The pace at which companies are investing in artificial intelligence (AI) continues to gain momentum and the financial sector is no exception. In fact, according to Business Insider report ‘AI is one of the most commonly referenced terms by financial institutions (FIs) and payments firms when describing their vision for the future banking sector as it can be applied to almost every area of financial services.’
But that’s not all! As stated by global management consultancy Accenture, banks that invest in AI and human-machine collaboration tools could boost their revenue by over a third (34%) by 2022.
Moreover, AI is considered one of the most important disruptive technologies for today’s banks, as a recent PwC survey revealed that 72% of senior management see AI and machine learning (ML) as key sources of competitive advantage. The same survey also highlighted that 52% of firms in the financial services sector are already making substantial commitments to AI, with 66% projecting significant investments by 2020.
So, it seems that these numbers speak for themselves – when it comes to financial services AI is a must!
But how exactly AI can help banks improve their operations and bring them closer to their customers?