Oct 02 2024 20 mins 60
The financial industry, long known for its use of technology and data, is embracing AI as a tool for innovation and efficiency. In this episode of AI Today hosts Kathleen Walch and Ron Schmelzer discuss how AI is being applied in finance.
AI Helping to Streamline and Enhance Finance Operations
AI is being applied to automate routine tasks, reduce human error, and optimize processes. Financial institutions are continually looking for an edge to improve operational efficiency and AI is proving a helpful tool. We discuss how automation is handling repetitive tasks that are manual, error prone, and time consuming. We also discuss and provide examples for how AI is enhancing decision-making processes.
Enhancing the overall customer experience
When it comes to banking and finance companies, customers have a say in who they pick. This is why providing a high quality customer experience is important. And, indeed, AI is helping with this. From AI enabled chatbots and virtual assistants to roboadvising, AI is helping provide personal experiences at scale. AI is also allowing for personalized marketing and offerings.
Monitoring and minimizing risks
Another area where AI is having a big impact is on risk management. In the podcast we provide examples of how AI is helping enhance fraud detection. We also discuss how AI is helping financial institutions manage credit risk. Additionally, we discuss how AI is being used to help provide a more accurate assessment of a customer's creditworthiness. AI is transforming the finance industry, bringing new levels of efficiency, personalization, and monitoring to financial institutions.
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