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Future of Artificial Intelligence (AI) and its Impact on the Financial Industry

SUMMARY
The impact of artificial intelligence on the financial sector, as well as scalable AI solutions, has the potential to revolutionize the finance sector and provide better customer-centric services while mitigating potential cyberattacks.

By 2023, the integration of AI in banking and finance is projected to enable corporations and banks to save $447 billion. AI allows machines to perform human-centric tasks and learn from their experiences, thereby automating repetitive jobs and freeing up employees’ time to concentrate on more creative and strategic projects.

AI is paying rich dividends by enabling new ways to meet customer demands for smarter, easier, and safer ways to access, spend, save, and invest money. The financial industry is progressively adopting AI-based technologies leveraging their potential. AI has been the driving force behind emerging technologies such as blockchain, big data analytics, robotics, IoT, and RPA.

Rapidly indexing and learning from gargantuan amounts of data created by humans, AI systems perform intelligent searches, interpreting both text and images to discover patterns in complex data and large language models to then act on those learnings.

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