Why is AI the Future of Financial Services?

Providing financial services is not an easy task. Especially with the current state of customer base, digital transformation, and fast-paced world, it is imperative to embrace the dynamic environment and change with time. That’s where Artificial Intelligence comes in and takes charge of every gigantic task while removing all roadblocks. In fact, analysts predict that AI will lead to more than $1 trillion in cost savings for businesses in financial services, by 2030. The figure represents 22% of banks’ current expense load and it’s a huge relief.

How is AI making all of this possible? Let’s have a look:

AI and Financial Services in the Emerging Fintech Industry

Technology and the financial services industry are not new to each other. We have been using online transactions for years now and virtual payment methods have already gained popularity. So, what’s new about the influence of AI, what difference does it make?

IT for finance brings in the scope of analytics and robotic process automation. They’ve already set a firm foot into the industry and though skeptical, financial businesses have realized the importance of their confluence. But AI is here to look into the pitfalls.

• Data analytics can help understand and comprehend data, but with AI, you can detect patterns in the data and act accordingly. For financial services data and records, this can be a huge benefit so as to take major decisions on the go.
• AI can work with the data captured, even if the data quality is not up to the mark. While other technologies need accurate data, AI can smoothly function with any dataset. Not only can it analyze your important records, but can also share incisive insights from the same.
• With the incoming AI advantages, we can now see chatbots being installed for businesses in finance. This is a huge achievement for the financial services industry as it creates a smarter and yet easier method for customers to interact with businesses and gain value. Reducing the gap between the customer and the business, AI has become a game-changer. With streamlined user contact methodologies, you can easily carry out on-boarding and other financial processes.
• In recent times, behavioral analytics has become a crucial decision-maker for businesses. With the application of AI, we can find product propensity models being deployed by financial businesses to understand their customers and their preferences and deliver marketing value according to the same. This has largely benefited the businesses and financial services professionals across the globe.

Transform Your Financial World with Planet Crust

Keeping up with the latest technology, Planet Crust is always a step ahead in the race of time. We have developed flexible financial services software platforms for you to leverage technology and gain a bounty of benefits from it. Get your online demo today!