Discussions, articles, and reports about the AI opportunity across the financial services industry continue to proliferate amid considerable hype around the technology, and for good reason: The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total, per Autonomous Next research seen by Business Insider Intelligence. Most banks (80%) are highly aware of the potential benefits presented by AI, per an OpenText survey of financial services professionals. In fact, many banks are planning to deploy solutions enabled by AI: 75% of respondents at banks with over $100 billion in assets say they're currently implementing AI strategies, compared with 46% at banks with less than $100 billion in assets, per a UBS Evidence Lab report seen by Business Insider Intelligence. Certain AI use cases have already gained prominence across banks' operations, with chatbots in the front office and anti-payments fraud in the middle office the most mature. Banks can use AI to transform the customer experience by enabling frictionless, 24/7 customer interactions -- but AI in banking applications isn't just limited to retail banking services.

Forward-looking insurers are using AI to innovate insurance processes like claims to keep up with customer demand for a 24/7 digital experience, while boosting operational efficiency. And conversational assistants, such as chatbots, are one of the most prevalent applications of AI used to accomplish this. But for customers to embrace the tech, chatbots need to drive a good conversational experience that mimics human agents, and bots must have access to relevant customer information to successfully address their requests. To that end, insurer Zurich UK worked with white-label chatbot provider Spixii to expand its initially limited digital capabilities to provide customers with an immediate way of declaring claims. The insurer knew it had to meet customer demand for an "always-on" digital experience around claims, and while it likely identified chatbots as a good solution from both a time-to-market and budgeting perspective, it needed to ensure the tech would provide a cohesive experience across online and offline channels.

This is a preview of a research report from Business Insider Intelligence. To learn more about Business Insider Intelligence, click here. Current subscribers can log in and read the report here. New technology is disrupting legacy automakers' business models and dampening consumer demand for purchasing vehicles. Tech-mediated models of transportation - like ride-hailing, for instance - are presenting would-be car owners with alternatives to purchasing vehicles.

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Robotic process automation (RPA) has been adopted across various industries to ease employee workloads while cutting costs – and banking is no exception. From taking over monotonous data-entry, to answering simple customer service queries, RPA has been able to save financial workers from spending time on repetitive, labor-intensive tasks. RPA combines robotic automation with artificial intelligence (AI) to automate human activities for banking, this could include data entry or basic customer service communication. RPA has revolutionized the banking industry by enabling banks to complete back-end tasks more accurately and efficiently without completely overhauling existing operating systems. Banks that utilize RPA have given employees back time to spend on more complex tasks while artificial intelligence technology handles back-end operations.

Artificial Intelligence (AI) is commonly known for its ability to have machines perform tasks that are associated with the human mind - like problem solving. However, what's less understood is how AI is being used within specific industries, such as healthcare. The healthcare industry continues to evolve as machine learning and AI in technology become more popular in the digital age. Business Insider Intelligence reported that spending on AI in healthcare is projected to grow at an annualized 48% between 2017 and 2023. Machine learning has the potential to provide data-driven clinical decision support (CDS) to physicians and hospital staff - paving the way for an increased revenue potential.

This is a preview of a research report from Business Insider Intelligence. To learn more about Business Insider Intelligence, click here. Current subscribers can log in and read the report here. New technology is disrupting legacy automakers' business models and dampening consumer demand for purchasing vehicles. Tech-mediated models of transportation - like ride-hailing, for instance - are presenting would-be car owners with alternatives to purchasing vehicles.

This is a preview of a research report from Business Insider Intelligence. To learn more about Business Insider Intelligence, click here. Current subscribers can log in and read the report here. New technology is disrupting legacy automakers' business models and dampening consumer demand for purchasing vehicles. Tech-mediated models of transportation -- like ride-hailing, for instance -- are presenting would-be car owners with alternatives to purchasing vehicles.

Artificial Intelligence (AI) is commonly known for its ability to have machines perform tasks that are associated with the human mind - like problem solving. However, what's less understood is how AI is being used within specific industries, such as healthcare. The healthcare industry continues to evolve as machine learning and AI in technology become more popular in the digital age. Business Insider Intelligence reported that spending on AI in healthcare is projected to grow at an annualized 48% between 2017 and 2023. Machine learning has the potential to provide data-driven clinical decision support (CDS) to physicians and hospital staff - paving the way for an increased revenue potential.

Artificial Intelligence (AI) is commonly known for its ability to have machines perform tasks that are associated with the human mind - like problem solving. However, what's less understood is how AI is being used within specific industries, such as healthcare. The healthcare industry continues to evolve as machine learning and AI in technology become more popular in the digital age. Business Insider Intelligence reported that spending on AI in healthcare is projected to grow at an annualized 48% between 2017 and 2023. Machine learning has the potential to provide data-driven clinical decision support (CDS) to physicians and hospital staff - paving the way for an increased revenue potential.