Artificial Intelligence in Financial Services: Applications and benefits of AI in finance

Artificial intelligence (AI) in finance encompasses everything from chatbot assistants to fraud detection and task automation. Most banks (80%) are highly aware of the potential benefits presented by AI, according to Insider Intelligence's AI in Banking report. The decision for financial institutions (FIs) to adopt AI will be accelerated by technological advancement, increased user acceptance, and shifting regulatory frameworks. Banks using AI can vastly improve the customer experience by offering 24/7 access to their accounts and financial advice services. With key business benefits and pressure from tech savvy consumers top of mind, AI is being implemented by FIs across every financial service --here's how: Consumers are hungry for financial independence, and providing the ability to manage one's financial health is the driving force behind adoption of AI in personal finance.