4. AI and Trading
Data-based investments have been steadily rising over the past 5 years and closed in 2018 with trillions of dollars. This is also known as algorithmic, quantitative, or high-frequency trading.
This type of business is rapidly expanding in global stock markets and for good reason: Artificial intelligence offers multiple important benefits.
Intelligent trading systems monitor both structured (database, spreadsheets, etc.) and structured (social media, news, etc.) data that people take time to process. The adage “time is money” is nowhere better than trading: faster processing means faster decisions, faster transactions.
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Because algorithms can test trading systems based on past data and bring the validation process to a whole new level before being broadcast live, predictions for stock performance are more accurate.
AI makes recommendations for strong portfolios depending on the short- and long-term goals of a particular investor; Multiple financial institutions trust AI to manage their entire portfolio.
Business News Outlet, Bloomberg, recently launched Alpaca Forecast AI Prediction Matrix, a pricing app for AI-powered investors. It combines real-time market data provided by Bloomberg with an advanced learning engine to identify patterns in price movements for high-accuracy market predictions.
5. AI and personalized banking
Artificial intelligence shines when exploring new ways to provide additional benefits and convenience to individual consumers.
In the banking sector, AI empowers smart chatbots to provide comprehensive self-help solutions to clients while reducing the workload of call-centers. Voice-controlled virtual assistants powered by smart tech like Amazon’s Alexa are also gaining traction fast, which is not surprising: boasting a self-educational feature, they are smart every day, so you should expect amazing improvements here. Both tools can check balances, schedule payments, view account activity, and more.
Many apps provide personalized financial advice and help individuals achieve their financial goals. These intelligent systems track revenue, required recurring expenses and spending habits, and come up with optimized planning and financial tips.
To know about: 9+ AI Use Cases / Applications & Examples OF AI In Banking
Major U.S. banks such as Wells Fargo, Bank of America, and Chase have launched mobile banking applications that allow customers to pay bills, plan their expenses, and communicate with their bank more easily and systematically, from receiving information to completing transactions.
6. AI and process automation
Forward-thinking industry leaders look to robotic process automation when they want to reduce operating costs and increase productivity.
Intelligent Character Recognition takes thousands of working hours and makes it possible to automate the various mundane, time-consuming tasks used to increase payrolls. Artificial intelligence-enabled software verifies data and generates reports according to given parameters, reviews documents, and extracts information from forms (applications, contracts, etc.).
The use of robotic process automation for high-frequency frequency repetitive tasks eliminates room for human error and manipulates labor on processes that require human intervention.
JPMorgan Chase, a leading financial institution, has been successfully operating robotic process automation (RPA) for some time, taking data, knowing your customer terms, and capturing documents. RPA is one of the ‘five emerging technologies used by JPMorgan Chase to improve the cash management process.
What to expect from AI in the financial industry in the future
Predictions for upcoming AI applications in financial services are a hot topic these days, but one thing is for sure: AI is rapidly changing the business landscape of the financial industry.
There are high hopes to increase transactions and account security, especially with the adoption of blockchains and the expansion of cryptocurrency. In turn, this can drastically reduce or eliminate transaction fees due to the absence of an intermediary.
All kinds of digital assistants and applications continue to thank Cognitive Computing. This greatly facilitates personal financial management as smart machines can plan and execute short and long-term tasks from paying bills to filing taxes.
As natural-language processing develops and you learn more from an expanding data pool of experience, you can also look for better customer care that uses advanced self-help VR systems.
A new level of transparency arises from more comprehensive and accurate knowledge — your-client reporting and more comprehensive attentive inspections, which now take up most human working hours.
The end
As we can see, the benefits of AI in financial services are multiple and difficult to ignore. According to Forbes, 65% of senior financial management expects positive changes from the use of AI in financial services.
By the end of 2018, only a third of companies had taken steps to implement artificial intelligence in their company processes. Many are still cautious, fearing that time and expense will require such work — and implementing AI in financial services will be challenging.
However, one can never be ashamed of technological advancement, and not facing it now will cost more in the long run.
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Long ago, Artificial Intelligence (AI), robots, and machine learning (ML) were thought to be the only ones found in sci-fi films.
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