The domain of finance has long been highly active in artificial intelligence (AI) research and implementation.
In fact, the financial sector was already involved in developing innovations around Bayesian statistics, a staple of machine learning, as early as the 1960s. These seminal use cases were based around monitoring stock markets and making predictions for investors. Today, this legacy continues with AI-powered robo-advisers designed to give automated, algorithm-based financial planning services with minimal to no human assistance.
Modern finance has since diversified its AI use, including the streamlining of internal business processes and improvement of the overall customer experience. Both finance pros and customers are likely to have AI encounters on a regular basis, since most routine service-related issues are handled/resolved using some degree of AI-powered automation. This trend is likely to accelerate in order to meet rising customer demands for faster, more convenient, and secure financial experiences.
AI In Finance Today
AI in fintech had a market value of $7.91 billion in 2020 in 2020 and is expected to reach $26.67 billion by 2026, at a compound annual growth rate (CAGR) of 23.17%, according to Mordor Intelligence.
The anticipated growth is fueled by continuing advances in automated trading technologies and algorithms as well as relatively newer applications for smarter fraud prevention, more effective risk management, faster customer support, such as chatbots and through agent call routing, and tighter ongoing compliance with finance industry regulations.
Continue reading: https://www.datamation.com/artificial-intelligence/artificial-intelligence-in-finance/
In fact, the financial sector was already involved in developing innovations around Bayesian statistics, a staple of machine learning, as early as the 1960s. These seminal use cases were based around monitoring stock markets and making predictions for investors. Today, this legacy continues with AI-powered robo-advisers designed to give automated, algorithm-based financial planning services with minimal to no human assistance.
Modern finance has since diversified its AI use, including the streamlining of internal business processes and improvement of the overall customer experience. Both finance pros and customers are likely to have AI encounters on a regular basis, since most routine service-related issues are handled/resolved using some degree of AI-powered automation. This trend is likely to accelerate in order to meet rising customer demands for faster, more convenient, and secure financial experiences.
AI In Finance Today
AI in fintech had a market value of $7.91 billion in 2020 in 2020 and is expected to reach $26.67 billion by 2026, at a compound annual growth rate (CAGR) of 23.17%, according to Mordor Intelligence.
The anticipated growth is fueled by continuing advances in automated trading technologies and algorithms as well as relatively newer applications for smarter fraud prevention, more effective risk management, faster customer support, such as chatbots and through agent call routing, and tighter ongoing compliance with finance industry regulations.
Continue reading: https://www.datamation.com/artificial-intelligence/artificial-intelligence-in-finance/
