Personal Growth and Self-Development in the Digital Age

Artificial intelligence is revolutionizing how consumers and companies alike access and manage their finances and with the aggregate potential cost savings for Banks from artificial intelligence applications estimated at 447 billion dollars by 2023.

Banks are finding new ways to incorporate the tech into their services do you work in the fintech industry get business insights on the latest tech innovations, market trends and your competitors with data-driven research.

The decision for financial institutions to adopt artificial intelligence will be accelerated by technological advancement increased user acceptance and shifting regulatory frameworks.

Banks using artificial intelligence can streamline tedious processes and vastly improve the customer experience by offering 24/7 access to their accounts and financial advice services. 

Applications of A.I in financial services 

Artificial intelligence and personal finance consumers are hungry for financial independence and providing the ability to manage one's Financial Health is the driving force behind adoption of artificial intelligence in personal finance.

 Whether providing personalized insights for Wealth Management Solutions or providing 24/7 financial guidance via chatbots powered by natural language processing.

 Artificial intelligence is a necessity for any financial institution, looking to be a top player in the industry. An early example of artificial intelligence in personal finance is capital one's eno.

 Eno launched in 2017 and was the first natural language SMS text-based assistant offered by a U.S Bank. Eno generates insights and anticipates customer needs through over 12 proactive capabilities such as alerting customers about suspected fraud or Price hikes in subscription services.

Artificial Intelligence and Consumer Finance 

One of the most significant business cases for artificial intelligence and finance is its ability to prevent fraud and cyber attacks.

 Consumers look for banks and other financial services that provide secure accounts especially with online payment fraud losses expected to jump to 48 billion dollars per year by 2023.

 According to Insider intelligence, artificial intelligence has the ability to analyze and single out irregularities and patterns that would otherwise go unnoticed by humane Bank taking advantage of artificial intelligence in Consumer Finance is to Morgan Chase.

 For Chase consumer banking represents over 50 percent of its net income as such the bank has adopted key fraud detecting applications for its account holders.

 Artificial Intelligence in Cooperate Finance 

Artificial intelligence is particularly helpful in corporate finance as it can better predict and assess loan risks for companies looking to increase their value. Artificial intelligence technologies such as machine learning can help improve loan underwriting and reduce financial risk.

Lewis bank is using artificial intelligence in both its middle and back office applications. U.S. Bank uses deep learning to unlock and analyze all relevant customer data in order to identify criminals. It has been using this technology for anti-money laundering, and according to an Insider intelligence report has doubled the output compared with the prior system's traditional capabilities.

 Benefits of Artificial Intelligence and Finance

 The benefits of implementing artificial intelligence and finance for task automation, fraud detection and delivering personalized recommendations are monumental.

 Artificial intelligence use cases in the front and middle office can transform the finance industry by enabling frictionless 24/7 customer interactions. Reducing the need for repetitive work lowering false positives in human error saving money. 

Automating middle office tasks with artificial intelligence has the potential to save North American Banks 70 billion dollars by 2025.

Fintech Future of Artificial Intelligence and Financial Services 

Between growing consumer demand for digital offerings and the threat of tech savvy startups FIS are rapidly adopting digital Services by 202.

Global Banks I.T budgets will surge to 297 billion dollars with Millennials and gensures quickly becoming bank's largest addressable consumer group.

In the U.S Allies are being pushed to increase their I.T and artificial intelligence budgets to meet higher digital standards these younger consumers prefer digital banking channels with a massive 78 percent of millennials never going to a branch if they can help it.