New artificial intelligence (AI) technologies are in the process of fundamentally transforming the financial services market. Over the past few years especially, the financial sector has recognized the economic benefits of AI. These include, for example, gaining new insights from existing data to optimize credit decisions and improve financial risk management, automating business processes that previously required manual human intervention, and improving the customer experience through intelligent chatbots. AI is truly disrupting the sector with “frontrunner financial services firms achieving companywide revenue growth of 19% directly attributable to their AI initiatives.” And the transformation has only started.
