There is no doubt that AI, neural networks, machine learning, and large language models have the potential to revolutionize the financial sector. These technologies can help financial institutions to provide better and more personalized services to their customers, to detect and prevent fraud, and to automate many of the manual processes that are currently relied upon.
In terms of providing better and more personalized services to customers, AI can be used to develop and enhance financial products and services. For example, by analyzing a customer’s financial history and current situation, an AI system could provide recommendations on how to best manage their money. This could include suggestions on where to invest, how to save money, or what type of insurance would be most suitable. AI could also be used to develop new financial products that are better tailored to the needs of specific customer groups.
Fraud detection is another area where AI can play a valuable role. By analyzing patterns in customer behavior, AI systems can flag up suspicious activity that may indicate fraud. This could help financial institutions to prevent losses and protect their customers from financial harm.
Finally, AI can help financial institutions to automate many of their manual processes. For example, AI could be used to automatically process customer transactions, generate invoices, or update records. This would free up staff time so that they could focus on other more value-added tasks.
Overall, there are many potential ways in which AI can be used to improve financial systems and make them more efficient and effective. This is an area that is likely to see significant investment in the coming years as financial institutions seek to gain a competitive edge.
References:
https://www.forbes.com/sites/forbestechcouncil/2018/08/08/how-ai-is-changing-the-financial-sector/#54eb2d154167
https://www.mckinsey.com/~/media/mckinsey/business%20functions/mckinsey%20analytics/our%20insights/the%20internet%20of%20things%20the%20value%20of%20digitizing%20the%20physical%20world/mck-iot-full-report.ashx
https://www.accenture.com/t20180329T100550Z__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_20/Accenture-Is-Artificial-Intelligence-Disrupting-Your-Industry-4-April-2018.pdf
https://venturebeat.com/2018/01/22/6-ways-ai-will-change-banks-and-finance-in-2018/
https://www.cbinsights.com/research/report/financial-services-ai- artificial-intelligence/