How AI can revolutionize financial services
The financial sector is the cornerstone of every market. Banks, venture capital firms, and fintech companies help fuel other industries by providing key services that help businesses protect their assets and grow.
Unfortunately, it’s also an incredibly complex industry, plagued with challenges that seem to come from every corner. Regulatory constraints offer protection, but often slow down innovation. High costs associated with errors place an enormous amount of financial risk on companies when making key business decisions. In many cases, those costs are then passed down to their customers.
While these complexities are not easily solved, there has been a wave of technologies seeking to help tackle the problems facing the financial industry. These solutions are aiming to improve not only the experience for end users, but also the business performance of companies, government agencies, and experts in this space. Some of the most promising are AI and machine learning technologies geared toward helping improve financial services.
A PwC study found that around 66% of financial services professionals haven’t engaged with AI solutions yet. Most attributed this to cost, operational, and regulatory barriers. While these applications haven’t been universally adopted, we are optimistic about the future of the technology and its applications in the financial sector.
The Path Forward
In parallel industries, increased access to data and AI has optimized industry performance while improving customer experiences. To achieve the same results and to continue the pace of innovation, financial companies and tech firms will need to work together to develop better solutions to solve the complex problems the financial industry faces.
This article originally appeared in modestmoney.com. To read the full article, click here.