From business innovations and media headlines to TV and movies, it seems that AI is virtually everywhere. While still in its early stages across the financial services industry, AI adoption is expected to accelerate over the next few years. How can banks build and implement AI within an organization?
RENE DUFRENE, GM OF FINANCE INDUSTRY SOLUTIONS AT AT&T
“Building the right solution, capitalizing on the skill sets available and addressing the highest-priority problems for the banking organization is the key to success”
The State of AI in Financial Services Today- Many large financial institutions, including commercial banks, insurance and wealth management companies have started using AI or partnered with AI startups. In many use cases AI is augmenting human decision making and automating routine tasks.
As an example, Erica, Bank of America’s AI powered virtual assistant, uses voice commands and texting to help customers with basic tasks like looking up account information or transferring money.
Financial companies are also testing AI in their middle and back offices. By using machine learning to analyze big data sets, AI is helping companies Monitor for online fraudulent activities in real-time; Make faster and more informed lending decisions on customer loans; shorten the time is takes to complete compliance and regulatory tasks.
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