With big data software companies and cloud providers consuming large amounts of data, there has been a substantial increase in the practical application of AI.
Artificial intelligence is already being applied in many fields to perform a specific task, such as medical diagnosis, remote sensing, e-commerce, and robot control.
Financial institutions have long used an artificial neural network to detect system changes and abnormal claims while alerting and flagging them for investigation by humans.
Many banks are using artificial intelligence systems to do bookkeeping, organize operations, manage property and invest in stocks.
Artificial intelligence, defined as a theory and development of computer systems to perform tasks normally associated with humans, such as decision making, visual perception, and speech recognition, has been around for a long time.
With advances in computing hardware, big data, and machine learning, artificial intelligence is becoming more powerful and useful every day.
Recent advances in artificial intelligence have ushered in a new era in finance, and in a short period of time, big data and machine learning have produced a breakthrough that has resulted in better customer experience and productivity.
Software plays a very important role in this advancement and there are still many challenges to be solved. There is a need for software to be designed and optimized to take full advantage of the underlying hardware features to improve performance. It is also necessary to simplify the libraries, framework and other tools to speed up the development process. Some of these issues have been fixed thanks to the advancement of the GPU.
Here are some areas in finance where artificial intelligence is already having an impact:
• Financial service providers and banks are deploying AI to help predict and plan how customers manage their money and therefore making AI an integral part of business development strategy.
• The ability of intelligent machines to turn data into customer insights and improve services is transforming the digital experience. By using complex algorithms and machine learning, AI can process thousands of structured and unstructured data points, and because financial professionals are so heavily dependent on data, this ability can significantly impact how they do their jobs.
• Auditors feel relieved of responsibilities due to the automation potential provided by artificial intelligence. They are using AI to automate manual and time-consuming activities, giving them time to focus on more important work. AI can help auditors review contracts and documents faster by employing machine learning technology that can find key phrases in documents that take a long time to decipher or interpret. Currently, AI can process the language in a document and produce relevant results, this has played a crucial role in improving productivity.
• Low-cost data-driven management decision is ushering in a new style of management, and in the future, managers will be able to question machines instead of human experts. The machines will analyze the data and make a recommendation on which the team leaders will base their decision.
• The application integrated into the devices of end users and the servers of financial institutions can analyze a large volume of data, providing personalized forecasts and financial advice. Apps like this can also help you track progress, develop financial plans and strategies.
• Personalization is an important area where many banks are already experimenting with various ways of combining services and products for customers. AI can help clients simplify the money management process and make an upgrade recommendation using matching algorithms.
In conclusion, financial service providers need to pay attention to AI as the technology continues to evolve and become more widespread. The way companies innovate and implement important strategies is changing, the corporate organization must adopt AI in others to take full advantage of the trend.