The Future of AI in Financial Services

06.11.18 02:59 PM By Tat-Support

What is AI? Is it just the data or is it beyond just the use of data? Is it just smart contracts or just smart automated technology?

Oxford defines the word intelligence as ‘the ability to acquire and apply knowledge and skills’, and the word artificial is defined as ‘being made or produced by human beings rather than occurring naturally, as a copy of something natural’.

If we see, the internet enabled global accessibility of data via the network of communication devices. Blockchain will enable global trust via the network of various ledger technologies, across various industries. Next machine learning and deep learning technologies will enhance the human experience to get you ready for the 'SUPER' era of Symantec and Quantum computing.

The AI era is not far away, so let us take a look what that entails:

Is it all about automation, robotics and computer generated intelligence, or it just pure AI - artificial intelligence?

Artificial Intelligence is fast becoming the central element of fourth industrial revolution and we see real world applications of AI development across all industries; even as highly personalized and individualized services are sought by tech-savvy consumers.  

  • Accenture Survey points that banks investing in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average 34% by 2022, with 76% of banking CXOs agreeing that AI adoption will be critical to their organization’s ability to differentiate in the market.
  • As per IDC’s estimates, Global AI investment of $57.6 billion is expected by 2021, with KPMG reporting ~$10 billion of AI Investment to be made by financial institutions by 2020.

AI, simply put, uses an adaptive predictive power along with a degree of autonomous learning, so that we achieve efficiency in pattern detection, decision-making, customization, and communication.

When this AI niche interacts and collaborates with other technological innovations, be it IoT, Blockchain, Cloud services, etc., the benefits that businesses could come to offer will not only be enormous, but radical in every way.

How could its application affect the financial industry though?