Four ways how AI can benefit the financial services industry

The advent of artificial intelligence (AI) is providing financial services institutions with major opportunities for improving their client offerings, operations and compliance. Ben Nadel, Director at independently-minded management consultancy Woodhurst, explores four key areas where AI can ramp up effectiveness and efficiency while lowering costs. The rise of challenger banks has demonstrated how technology can drastically improve customer experience. Thirteen million people in the UK use challenger banks today, and that number is set to triple in the coming year. In order to remain competitive, traditional financial service providers are turning to emerging technology, including AI, to improve their customer experience.