The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020

Although banking and financial services tend to be slower to adopt new technologies, aPricewaterhouseCooper study confirms the majority of financial services decision-makers are investing in artificial intelligence (AI)--52 percent of executives confirmed they are making "substantial" investments in AI while 72 percent believe it will be a business advantage. One thing that will likely make the rest believe in artificial intelligence's potential for the industry are the cost savings that are expected to be$447 billion by 2023. So, how do financial institutions use artificial intelligence? The most visible way the banking industry uses artificial intelligence (AI) is for customer service from chatbots and robots. Many of the largest financial institutions, such as Bank of America and JPMorgan Chase, use AI to streamline customer service.