AI in the financial industry
Understanding AI's potential and ensuring responsible use.
AI can analyze vast amounts of data faster than any human, but realizing its full potential still requires human expertise.
Recognizing the transformative power of AI and effectively harnessing its potential may be the keys to success for financial institutions looking to streamline operations, enhance customer experiences, tap into market trends, and improve risk management.
AI potential benefits
Create more personalized customer experiences
With AI, routine online customer interactions can be migrated from static interfaces with prepopulated FAQs to context-aware chatbots that dynamically and continuously improve based on customer preferences and feedback.
Improve operational efficiency and security
AI can help streamline operations, predict transaction failures, and build network resiliency by suggesting preventive measures against threats.
Provide actionable insights and identify opportunities
With the help of AI, businesses can understand their cashflow position and forecast effectively, based on clear visibility into past performance history and the ability to better anticipate future needs.
Deepen customer engagement
Financial institutions have the power to proactively offer the appropriate tools and products to help customers manage cashflow thanks to AI’s predictive capabilities.
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Ensuring safety and security
A proactive approach to transparency — including monitoring industry best practices on AI — is crucial to building and maintaining consumer trust in AI systems used in the financial industry.
To promote trustworthy, responsible AI innovation, companies in the financial sector should consider a variety of perspectives and expertise, and support open dialogues between:
✓ Technologists
✓ Lawyers
✓ Regulators
✓ Policy makers
✓ Industry peers
... and more
AI-specific cyber threats require careful monitoring. Businesses can develop suitable safeguards for the secure use of AI systems, by leveraging tools that are continuously optimized.
AI underpins the rapid digital acceleration we’re seeing today. Harnessing the technology’s operational power while building robust, secure systems that uphold data integrity and trust will help ensure that AI is viewed as both powerful and safe.
Sources:
1. MIT Technology Review and Databricks. “CIO vision 2025: Bridging the gap between BI and AI”. https://www.databricks.com/lp/mit-cio-industry-summary
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