Artificial intelligence (AI), which is now being used across all industries, assists to improve efficiency, consolidate information and data and detect abnormal behavior. However, AI is most effective in the finance industry, as it’s changing everything from financial planning to loan underwriting, fraud prevention and more.
The most common use cases for AI in finance is automating high-frequency, repetitive tasks to reduce human error and free up resources to concentrate on other strategic initiatives. Automating processes with robotics can, for instance, reduce costs and manual data entry by up to 50%-70 percent. AI can also aid in speeding market research, forecasting the growth of investment, and evaluating risk by identifying anomalous data and alerting users to any potential issues by delivering real-time notifications.
AI can also be used to deter financial crime as well as cyberattacks. Fraudulent transactions cost billions of dollars every year. AI can help identify suspicious patterns in large data sets. Utilizing deep learning and other sophisticated algorithms, AI can help identify fraudulent transactions before they are executed, for example, when a loan application for a car is discovered to be in violation of the company’s policies.
AI is also a key component in providing 24/7 support for customers, helping them navigate financial services through chatbots and voice. AI-powered virtual assistants permit customers to access their account information https://electricbrain.io/ as well as check the history of transactions and gain insights based on their personal preferences by simply asking questions in natural language – no need for complicated queries or transactions codes. In addition, these assistants provide proactive and individualized recommendations on additional savings or investments as well as insurance.
