In every sector across all industries, artificial intelligence (AI) is getting into everyday processes to simplify tasks, consolidate information and data and identify suspicious activity. However, AI is especially beneficial in the finance industry, as it is transforming everything from financial planning to loan underwriting, fraud prevention and more.
AI is used most often in finance to automate repetitive high-frequency, high-frequency tasks. This reduces human error and allows resources to be used for other strategic initiatives. Automating processes using robotics is a good example. It can reduce the cost of manual data entry by up to 50% to 70 percent. AI can help accelerate market research, predict investment growth, and evaluate the risk of investment by identifying suspicious information and alerting users via real-time alerts.
Other uses for AI in finance include the prevention of cyberattacks and financial crimes. Fraudulent transactions result in billions of dollars in losses each year. AI can help detect suspicious patterns in large databases. With deep learning and other advanced algorithms, AI can help identify fraudulent transactions before they’re executed, for example, when a car loan application is found to be not in compliance with the company’s rules.
AI is also a key component in providing 24/7 support for customers, assisting them to navigate financial services using chatbots and voice. AI-powered virtual assistances let customers to access their account information, check the history of transactions, and gain customized information by asking simple questions in natural language. Moreover, these assistants can offer personalized and proactive recommendations for additional savings or investments such as insurance, savings and more.
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