Within Financial Services , 61 % of the industry is already either currently using AI or plan to adopt AI applications within the next 12 months . Over the next few years we will see more of these organisations embarking on their AI journeys , creating subsequent change in the industry that will be felt like never before .
The sector is already leading the charge in the use of AI technologies such as machine learning in fraud detection , virtual assistants for enhanced customer interactions and Big Data analytics for improved decision making and risk management . These technologies are empowering the industry and improving both customer and employee experiences alike through product innovation , with evidently much more to come .
AI and cloud-enabled systems , which break the barrier to easily access huge amounts of computational power , already empower financial institutions to leverage a continuously growing amount of data from a wide variety of sources . AI algorithms , which have vastly improved in their accuracy and speed , can be applied to this data for a wide range of applications , from forecasting future events and behaviours more effectively to enabling actionable insights . These AI-powered tools can help firms to conduct ‘ what-if ’ analyses ( which are critical in terms of forecasting the
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