“Artificial Intelligence – or AI – has transformed the financial services industry globally. In just a few short decades, the sector has become reliant on the technology that powers its data aggregation, security, authentication, products and services.
AI adoption has permeated more facets of banking with various use cases such as advanced fraud detection, customer identity validation and authentication, including voice-based mechanisms etc. Banks and credit unions are rapidly automating and improving various functions with robotics and artificial intelligence.
The ability to offer differentiated and personalized customer experiences will be a valuable differentiator in personal finance. AI lies at the heart of creating personalized experiences and offerings, so it is bound to have a plethora of use cases.
An IDC report estimates that worldwide spending on AI systems will touch $110 billion in 2024, more than doubling from $50.1 billion in 2020. A recent EY survey found that 64% of financial institutions are planning to leverage AI technologies extensively within the next two years.”