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CFO Tech Outlook | Thursday, July 08, 2021
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Artificial intelligence (AI), machine learning (ML), and deep neural networks (DNN) are disrupting the financial industry and upending established values.
FREMONT, CA: AI is quietly transforming the world through a wide variety of applications. Numerous daily activities are already powered by AI technology, from driving us to work to automatically adjusting the thermostat, and frequently without our knowledge. AI, machine learning (ML), and deep neural networks (DNN) have a broader range of applications in some industries. One of these industries is finance, where new technologies are already disrupting businesses and challenging established values. When it comes to consulting and support, IT companies like EC-MSP can maximize the effectiveness of AI solutions. These can assist businesses in capitalizing on the potential of emerging technologies and optimizing their processes.
Artificial intelligence plays a critical role in financial services. Some of them are as follows:
Management of risks
Artificial intelligence is critical for risk management, and time is money in the world of finance. This entails utilizing machine learning to develop precise models that enable financial experts to monitor specific trends and identify potential risks. Algorithms are used to analyze case histories and identify potential problems in high-risk cases. Additionally, these models can ensure that more reliable data is obtained for future models. The application of machine learning to risk management enables the processing of large amounts of data quickly. Cognitive computing is also used to manage structured and unstructured data. All of this would otherwise require human teams to work long hours.
Preventing fraud
With the explosion of digital customer transactions in recent years, it is critical to protect sensitive data with reliable fraud detection models. Artificial intelligence is used to bolster rule-based models and assist human analysts. This can result in increased efficiency and accuracy, as well as cost savings. AI is used to analyze spending history and behaviors to identify anomalies, such as a card being used in multiple global locations in a short time. Additionally, AI is capable of learning from human corrections and making judgments about what should be highlighted.
Banking on an individual basis
In banking, intelligent chatbots powered by AI can provide comprehensive solutions for customers and alleviate call center workload. Voice-activated virtual assistants are gaining popularity; they are frequently powered by Amazon's Alexa and include self-learning capabilities. They can check account balances and activity and schedule payments, and their abilities are growing daily. Numerous banks now offer mobile applications that provide personalized financial advice and assistance in achieving financial goals. These artificial intelligence-powered systems can monitor an individual's income, regular expenses, and spending habits and provide financial plans and recommendations. Additionally, mobile banking apps can serve as reminders to pay bills, facilitate transactions, and facilitate interactions with the bank.
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