“AI is likely to make its way to the operations of financial institutions, which anticipate that AI will reduce their operating expenses significantly.
AI will also help financial institutions manage security. They can then identify threats and fraud risks so they can guard their customers against cyberattacks,
Financial institutions can become more customer-centric because AI allows implementing algorithms to record customer interactions accurately.
By now, AI has already proved its usefulness to the financial sector through Chatbots. And with time, the financial industry is likely to use AI for broader purposes.”