Tech giants and venture capitalists are making serious investments in AI and machine learning. Because the two technologies not only have the potential to automate huge amounts of work currently done by humans, they also present new opportunities for engaging and servicing customers. Find out in this report.
Octavio Marenzi, chief executive of the consultancy Opimas, which this week published a report entitled Fintech Spending and Innovation in Capital Markets, said AI would be "be the big winner" as banks, brokers, fund managers and other firms poured money into new technologies and data sources. The report from Opimas found that AI would have the most potential to transform banks' sales and trading divisions and the way fund managers make investment decisions. Financial firms that have this year shown their intent in this area include the £166.6bn Opimas said spending on AI would hit $1.68bn across the capital markets this year, increasing by 14% next year and hitting just under $3bn by 2021. Mark Beeston, the founder and chief executive officer of venture capital firm Illuminate Financial Management, told Financial News in May: "We went through a blockchain hype cycle and now we're going through an AI hype cycle... AI for the sake of AI is not the answer."
Several market leaders already are applying AI to accelerate customer-centric transformation via insight generation, customer engagement and business acceleration. They can read, review and analyse vast quantities of disparate data, providing insight into how customers feel about a company's products or services and why they feel the way they do. Setting the record straight The financial services industry has already begun leveraging Bank Bots to help reduce the cost to service customers, provide added value through personalisation and encourage deeper engagement. In the future, Bank Bots will fully leverage consumer data to offer deeper insights and advice.