How AI is changing the world of finance: A look at the latest trends in the financial services industry
The financial industry is facing a variety of challenges, from regulatory requirements to a rapidly changing market environment. The use of artificial intelligence offers solutions that can help overcome these challenges while providing more efficient services.
AI can be used in many areas of financial services, from fraud prevention to the optimization of investment strategies or customer advice. These technologies help banks and financial institutions to work more efficiently through automated processes, more precise market analysis and better customer interactions. In addition, the use of AI enables language barriers to be overcome by providing simultaneous translations and real-time analytics (through, for example, OpenAI's Realtime API).
In a presentation on the topic of AI in the corporate world, I learned about another exciting use case. AI as an internal knowledge database that enables new customer advisors to access information in a matter of seconds that they do not yet have in their heads. If an advisor is at a loss, they can ask a specially trained AI, which provides knowledge from an internally maintained database. This knowledge was not only quickly retrievable, but also directly available to the customer in natural language. I believe that such use cases will become established almost everywhere in the near future. Portfolio analyses or even price forecasts are also easier than ever thanks to AI. But more on that in another article.
With the digital transformation and the constant development of AI technologies, it is to be expected that the financial sector will increasingly turn to AI. In the near future, the use of AI could become the norm to provide personalized and relevant services to customers.
AI is becoming an integral part of the financial services industry by challenging traditional models and replacing them with innovative approaches. The integration of AI into this industry could fundamentally change the way financial services are delivered.
