BANKING
Patel : AI has upended financial services already and will continue to do so in 2024 . For example , in accounting , AI is already being used to detect anomalies and provide intelligent recommendations . This helps drive efficiencies and scale , while freeing team members up to focus on more strategic initiatives .
AI will also enhance and streamline risk assessments , especially regarding credit assessments and confident lending . AI-driven strategies will also empower and facilitate automatic trading . It is already enabling traders to create custom strategies that allow AI systems to trade on their behalf , which helps them respond faster to market trends .
On the customer side , 24 / 7 customer service bots , trained accurately on good data , will be available to support customers at all hours of the day .
Key to all of this , though , is ensuring responsible use of AI . The training of AI must be transparent and use of it must comply with regulatory requirements .
However , our research shows that many businesses are facing a major AI skills gap ,
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