AI is becoming popular and growing because of Data availability and technology advancements. The Financial Services Industry has the highest adoption rate expected in the next 3 years.
AML pattern detection is an area in the Financial Services industry that is trending high as more robust, accurate, and fast solutions are being developed. Halim discusses the strong case area for adopting AI in this space.
Fraud detection is another area ripe for adoption using machine learning to help reduce fraud related losses. In customer service areas, chatbots are high on the AI list for transformation. Halim relayed that there is an estimated 85% of services in the future will be automted through the use of chatbots. BNP Paribas is using this to analyze trades, support trade processing, and risk analytics to mention a few.
It goes without saying there are challenges but no one can refute the ROI in leveraging AI based on their experience. The trend will continue as we move into the 4th industrial revolution. So what is your organization doing?
Join in on the conversation with Umberto Delucilla when you subscribe to Future of Financial Services.