The subject headline in this Finextra piece is highlighting an overview of some categorical use case scenarios where capabilities residing under the AI umbrella are having an impact on the delivery of financial services. Members of our commercial and separate emerging tech advisory services will have the benefit of deeper dives into some specific uses across retail and corporate banking:

More than 60 years have passed since artificial intelligence was a daring concept at Dartmouth ollege which only got half of the requested funding. Right now, AI is a $9.5 billion industry, projected to reach $118.6 billion by 2025, according toStatistaDue to its immediate applications in streamlining processes, improving customer care, and managing risks, it has been widely adopted by the frontrunners of the financial industry. From NLP to replace front desk and call center employees to robots analyzing transactions and loans, there is a way to use machine learning in the banking and payment sector.

The author points to four categories of current and future impact:

Finance is a sector that is a rather late adopter of new technologies due to regulatory and compliance requirements; yet it is also one highly interested in cutting costs. This puts AI companies in the position of having a harder time to enter this market. However, this market offers potentially high payoffs once the tech goes mainstream.

Following the space is part of our extensive coverage of fintechs as applications apply across financial services.

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Summary

Article Name

The Transformational Role of AI in Finance

Description

highlighting an overview of some categorical use case scenarios where capabilities residing under the AI umbella are having some impact on the delivery of financial services.

Author

Steve Murphy

Publisher Name

PaymentsJournal

Publisher Logo

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The Transformational Role of AI in Finance - PaymentsJournal