Artificial Intelligence May Actually Help Humanize Financial Services

The financial services sector has long been criticized as being insulated, elitist, and discriminatory. Will artificial intelligence finally open up and "democratize" this industry? It's likely, and will happen a number of ways – by empowering customers, by opening up services to underserved communities, and by increasing the breadth of capabilities companies can offer. While still in the minority, a growing number of financial services executives are bringing in AI as a part of their customer experiences and operations. About half of 500 executives (48%) responding to a survey conducted by Economist Impact and SAS in March 2022 identified advanced data analytics as among the most important technologies to harness, and 34% specifically cited AI and machine learning as their paths to the future.