Artificial intelligence (AI) is being utilized across all industries, assists to reduce the time spent on operations, organize data and information, and detect anomalous behavior. But AI is especially beneficial in the finance sector, where it’s changing everything from financial planning to loan underwriting to fraud prevention and more.
The most popular use cases for AI in finance include automating high-frequency, repetitive tasks to reduce human error and free up resources to concentrate on more strategic tasks. For instance the use of robotic process automation may reduce manual data entry by 50%-70% and cut costs. AI can also aid in speeding market research, forecasting the growth of investment and assessing risk by identifying suspicious data and alerting users to potential issues with real-time notifications.
Other applications for AI in finance include preventing financial crime and cyberattacks. Fraudulent transactions cost billions of dollars every year. AI can assist in identifying suspicious patterns in large data sets. AI can detect fraudulent transactions by applying deep learning and other sophisticated algorithms. For example, when a car loan request is found to be not in compliance with the policies of the company.
In the end, AI is a crucial component to provide customer support 24/7 by helping them navigate their financial services easily through voice and chatbots. AI-powered virtual assistants let customers to access their account information, view the history of transactions, and obtain customized information by asking questions in a natural language. In AI in Finance Sector addition, these assistants offer individualized and proactive suggestions on investments or savings as well as insurance.
