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The Advent of AI in Finance
With the dawn of technologies such as artificial intelligence (AI), machine learning, and neural networking, businesses across are scrambling to integrate these advanced technologies to automate day to day activity and reduce expenditure. The finance industry, though late in the race is making a major market breakthrough with the help of machine learning and artificial intelligence. These technologies are being implemented to analyze data and create efficient financial models.
In fact, AI is being constantly utilized to secure data from breaches and create intelligent authentication systems to prevent misuse of information. Furthermore, AI will force banks and other financial institutions to hire only the skilled employees for a job to stabilize and maintain the system as well as eliminate inefficiency. Quantitative analysts regularly utilize AI to configure market caps in the stock exchange market by the second and automate various buying and selling processes.
The expectation of a personalized and contextualized experience by the end-users from the banks and financial institutions has become a driving force in the financial market to adapt AI and machine learning to improve customer experience. To gain transactional and behavioral insights on a particular client to optimize client satisfaction, AI and machine learning are constantly being implemented by banks to evaluate customer’s interaction and experience with their institution. Any inconsistency in the personalization may factor into the loss of the client itself.
Machine learning uses advanced algorithms to analyze complex data sets, which helps build market patterns, predict future outcomes such as currency value forecasts and stock prices, to provide customer-centric solutions. In effect, AI eliminates human intervention, processes faster, and eliminates room for minor mistakes.