Why AI Is the Next Step In Digitization Of the Finance Sector

“As per a report by Mckinsey Global Institute, it has been estimated that utilizing AI to enhance core banking functions and provide customized services to customers across the globe will extend a value of over $250 million across the industry.
Industry experts believe that leveraging AI will help the banking industry save $1 trillion come 2030. Another report by Narrative Science in 2018 revealed that over 32 per cent of banks out of the total surveyed had already adopted advanced AI-based techniques such as predictive analytics, recommendation engines, voice recognition, and response times in their operations.
As reported by Gartner, Robotic Process Automation (RPA) is highly cost-effective, amounting to one-third of the compensation provided to an offshore employee and one-fifth of that given to an onshore employee. RPA does the grunt work, a rule-based system that automates repetitive tasks and has no intelligence but is often categorized under AI.”