Artificial intelligence is the latest technology that has been transforming every sector and finance is not an exception. AI in finance has brought automation to various financial processes that have led to increased efficiency and provided decision-makers with greater insights. Be it detecting fraud, answering customer inquiries with conversational AI, or algorithmic trading, AI has become a handy tool.
According to a recent study by Hewlett-Packard Enterprise, a whopping 70% of financial companies are using the power of machine learning algorithms for different kinds of financial tasks like predicting cash flows, customizing credit scores, and combating fraudulent activities. Artificial intelligence technology has been proven to be a great assistant for business leaders in analyzing massive datasets to find hidden patterns and trends that would otherwise have been impossible only through human analysis.
Another application is AI’s extended use in risk management. AI leaders in this industry are able to analyze financial data and customer behavior through which it becomes easy to assess the creditworthiness of customers with enhanced accuracy. This further leads to minimum defaults and loan losses. This is just an example. The overall applications of AI models in the finance sector are many. However, they come with some challenges that need to be addressed.
In our detailed guide, learn about the various applications of AI in the finance industry, the challenges, and opportunities in detail.
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