Financial services are experiencing significant disruption, whether from the financial crisis or new challengers, customers are looking for alternative, more streamlined services. While the concerns of privacy and data protection have to be addressed AI will play a significant part in the evolution of future financial services.
Financial institutions (Insurance, Banking, Capital Markets, Wealth and Asset Management) need to consider restructuring their business models to harness a new technology.
AI is already a large part of banking and service sector finance. You will have seen a rapid increase in the development of “Know Your Customer” solutions, data security, persons and customer support solutions. Indeed 72% bankers believe AI will become the primary way lenders interact with their customers. It is through this that AI will create new and unexpected interconnectedness by tapping into previously unrelated data sources. Robotic Process Automation will become more active in the completion of repetitive tasks and complex “intelligent” processes.
AI will be applied to transaction processing, fraud detection and risk, regulatory compliance, network interconnected ness as well as wealth and asset management. 52% of those in Financial Services say they are already making substantial investments in AI.
Let FirstAlign help you understand where AI can be adopted and augments to provide the ‘best in class’ experience for your customers. Your customers deserve better services, lower fees and wider access to financial services. They seek a more ‘customized’ and ‘personalized’ experience. Let AI provide the means to achieve this.
AI will become adopted as a mainstream addition for analysis, asset allocation and forecasting. AI will become embedded in investment and customer-based decisions.
Are you ready to explore that journey?
"AI will change the face of financial advice; the way services are accessed and the way institutions invest."
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