Summary: AI is said to be creating disruption in financial services by transforming the processes of the tasks, being trustworthy in the customer point of view and allowing the executive more leeway by conducting iterative tasks.
FREMONT, CA: Artificial intelligence (AI) is at the frontier of financial industry commotion, changing the method of approach in operations, regulations, staffing, processes, and manual accomplishment of tasks. In a survey conducted by PwC, wherein US executives, financial services employees have articulated that they expect their AI-based processes to result in an increase of revenue and profits by 50% percent, enhanced customer experiences by 48 percent, and encouragement toward innovative new products by 42%.
Financial firms have started utilizing simpler versions of AI tools, such as automation tools, which can manage non-routine tasks and operations that have the necessity of employees to make judgments and problems solving features. Before leveraging the benefits of AI, the financial industry needs to overcome certain challenges like security, bias, privacy, and regulatory issues. The biggest hurdle to conquer for the arena is to ensure a ’customer’s trust. The task of ensuring that the AI systems are genuine and trustworthy is the paramount task of the executives in 2019.
Leaders from various fields of the industry have come together to enhance the trustworthiness of the AI initiatives in 2019. Almost 64 percent of the leaders plan to create models powered by AI that are exclusively transparent, provable, and explainable.
With the shortage of workers equipped with tech expertise and skills necessary in today’s AI enabled the world of business, the financial executives are reminded that they may not be able to meet the demands for the skills required in a next five years. Approximately 60 percent of the banking processes, might plan to implement AI-inclusive repeated learning initiatives to up-skill the employees and be updated with AI.
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AI grows exponentially when it is interlinked with various technologies such as ML, analytics, blockchain, and the internet of things (IoT). A staggering number of about 60 percent of the financial industry executives were said to be looking forward to integrating AI and analytics to business to gain insights. Around 40% stated AI’s integration with several other technologies is the highlight of this year.
