We are talking about Artificial Intelligence applications in finance. Let’s review the current list of trends and what to expect from the industry.
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▶ About this video:
How is AI applied in finance?
It enables organizations to boost productivity and cut operational costs. Statistics say that AI helps companies save up to 70% of the costs associated with repetitive tasks.
2. Credit Decisions
We once developed AI-based software that helps banks assess potential borrowers. It immediately analyzes countless factors thus saving costs and making the process much faster. Sounds exciting, doesn’t it?
AI-driven trading systems can analyze massive amounts of data much quicker. You won’t believe it, but predictions made by AI algorithms are more accurate because they can analyze a lot of historical data.
4. Risk Management
AI can handle risk management tasks much more efficiently and analyze various financial activities in real-time.
5. Fraud Prevention
AI-driven fraud detection tools can analyze clients’ behavior, track their locations, and determine their purchasing habits. Therefore, they can quickly detect any unusual activities.
6. Personalized Banking
AI-powered chatbots minimize the workload of the call centers.
There are also many apps that offer personalized financial advice so that users can achieve their financial goals, track regular expenses, income, and purchasing habits.