How is AI transforming the Financial Sector

Banking CIO Outlook | Friday, November 30, 2018

The financial industry has always been dynamic when it came to the application of new technologies: automation has been used for back office and operations since the 1960s. However, in utilizing new age AI technologies, the sector has been gradual. This can be due to the fact that finance companies are still a manpower-led sector, with operations that require human involvement. Yet, technology is steadily seeping into the ranks, efficiently cutting down on redundant tasks and making the operations hassle-free and leaner. Thus, AI, cloud computing, mobile-first and digital dashboards are already turning to be the norm in the modern financing sector.

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The insurance sector is taking the industry by storm as they are moving toward congruent automation. By utilizing AI systems that automate the underwriting process, organizations are becoming armed with more granular information to empower their decisions.

Alongside, data-driven AI applications are also aiding the lending decisions. With the help of AI robots, financial institution servers are able to analyze a great volume of data, providing customized financial advice and forecasts. Making use of these applications, fintech companies are also able to develop financial plans and strategies regarding various customized investment opportunities, loans, rates, fees.

While these scenarios are only glimpses, these are highly indicative of the huge awakening of AI in the financial sector. Now it is only for time to test where the future of this trend shall lead.

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