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How Can Artificial Intelligence Revolutionize the Financial Industry?

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Artificial intelligence is a ground-breaking technology that is helping businesses in multiple industries to improve their results by using data and computing power to come up with the most optimal solutions to the most common problems. This type of software uses algorithms and data sets to determine a course of action in every scenario and then learns from the outcome and adjusts accordingly. As a result, these programs are designed to progressively improve until they reach a high level of efficacy. Financial firms are well-known for being data-driven businesses that rely on hard facts and figures to make decisions such as whether a company or individual meets the required criteria to be granted a loan or if a certain financial product is suitable for a given investor. With this in mind, artificial intelligence has much to offer to companies within this robust sector of the economy.


Artificial intelligence: a winning strategy for payments - FinTech Futures

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The race is on to reduce fraud and continue improving payment flows. Artificial intelligence (AI) offers a winning strategy, says Chalapathy Neti, head, AI and machine learning platform, Swift. AI is out of the lab and already well on its way to delivering smarter tech solutions in our daily lives. Just look at the way Amazon and Netflix use machine learning algorithms to continually serve us fresh content and products based on our previous behaviours. We get a better, more personalised experience while they strengthen their business models.


How Data Science is Reshaping the Future?

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There is no doubt that data science is shaping the future. As businesses become more digitized, the role of data science is becoming more and more important. If you want to stay ahead of the curve, it's important to learn this technology and get into one of the most promising job roles of Data Science. Data science is the process of extracting insights from data. It blends mathematics, statistics, and computer science to analyze large amounts of data and to improve decision making. The aim of data science is to enable organizations to make better decisions about where to allocate their resources, how to optimize their business processes, and how to serve their customers better.


Humans v AI: here's who's better at making money in financial markets

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Artificial intelligence (AI) has now closely matched or even surpassed humans in what were previously considered unattainable areas. These include chess, arcade games, Go, self-driving cars, protein folding and much more. This rapid technological progress has also had a huge impact on the financial services industry. More and more CEOs in the sector declare (explicitly or implicitly) that they run "technology companies with a banking license". You can listen to more articles from The Conversation, narrated by Noa, here.


The future role of AI in finance

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The general consensus appears to be leaning towards the idea that artificial intelligence can replace the role of human financial advisors and therefore, those in the industry must adapt or risk getting left behind. But before jumping to that conclusion, it's worth exploring some important questions: what's next, what is needed and who needs it? And, perhaps crucially, whether AI will ever remove the need for human advisors in the financial industry. AI transforming financial sector Business leaders have revealed that the use of technology including AI plays a significant role in filling gaps within financial services offerings. Jim Pendergast, Senior Vice President and General Manager at AltLINE by The Southern Bank, has said that AI can improve the consistency of financial advice.


Humans v AI: We found out who's better at making money

#artificialintelligence

Artificial intelligence (AI) has now closely matched or even surpassed humans in what were previously considered unattainable areas. These include chess, arcade games, Go, self-driving cars, protein folding, and much more. This rapid technological progress has also had a huge impact on the financial services industry. More and more CEOs in the sector declare (explicitly or implicitly) that they run "technology companies with a banking license". There is also a rapid emergence and growth of the financial technology industry (fintech), where technology startups increasingly challenge established financial institutions in areas such as retail banking, pensions.


Humans vs AI: here's who's better at making money in financial markets

#artificialintelligence

Artificial Intelligence (AI) has now closely matched or even surpassed humans in what were previously considered unattainable areas. These include chess, arcade games, Go, self-driving cars, protein folding and much more. This rapid technological progress has also had a huge impact on the financial services industry. More and more CEOs in the sector declare (explicitly or implicitly) that they run "technology companies with a banking license". There is also a rapid emergence and growth of the financial technology industry (FinTech), where technology startups increasingly challenge established financial institutions in areas such as retail banking, pensions or personal investments.


Artificial Intelligence: FinTech's innovation driver - BusinessWorld Online

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FinTech refers to any idea or innovation that improves or optimizes the way individuals or companies conduct financial activities. Early FinTech concentrated on developing add-on products to complement existing financial services. This combination of finance and technology has spawned a slew of valuable goods and services that redefine financial services and make them more accessible to the general public. Some of these products and services include insurance aggregators, mobile wallets, AI investment management advisers, peer-to-peer (P2P) lending and crowdfunding tools, and platforms for trading financial assets. The cutting-edge solutions that contributed to such technologies include Blockchain, Deep Learning, and Artificial Intelligence (AI).


Artificial Intelligence in financial sector will boost security of companies

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Dr Pius Gadossey, Lecturer, Lancaster University says the use of Artificial Intelligence (AI) in the financial space will boost the security companies by alerting institutions of any discrepancies or unusual activity for prompt actions. Dr Gadossey said the AI in the financial sector ensured that clients and financial institutions' monies and their personal information were safe and secured as well as prevented cyber-attacks. "AI is not biased and can decide on loan eligibility quickly and more accurately", he said. The Lecturer said this on Saturday at a lecture and graduation ceremony of which eight members were Chartered as Compliance and Cyber Analyst. The programme was organised by the Institute of Compliance and Cyber Studies (ICCS).


Reshaping Fintech with AI: Top AI Innovations in the Financial Industry

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Artificial intelligence has given the world of banking and the financial industry as a whole a way to meet the demands of customers who want smarter, more convenient, safer ways to access, spend, save and invest their money. Financial and banking procedures have been made easier because of the use of AI and machine learning. FinTech companies are particularly interested in AI, either to develop it or to utilize it themselves, because it has so many useful applications. AI development solutions are aimed at meeting the critical needs of today's financial sector, such as improved client experience, cost-effectiveness, real-time data connectivity, and increased security. The industry can develop a better, more engaging financial environment for its clients by implementing AI and related technologies.