Explained: How AI and ML Transforming Finance Sector

We all strive to be better every day in our fields of work and assistance from machines and technology goes a long way to improving our systems, services, and organizations. Artificial intelligence and Machine learning are designed to be such assistance that will help us in various sectors, in various ways. With everyday dependence on Google, Siri and other AI technology one is not oblivious to the plethora of ways artificial intelligence along with efficient human force can bring about revolutionary changes in economic and social sectors. The potential of AI makes it a lucrative and popular industry.

Hence, the demand for AI and ML is high in various industries.

Currently, AI technology has a global market value of over 30 billion USD. In the fintech market, it is expected to grow by over 22.6 billion USD in the coming five years. Let us dwell on the potential transformation that the advent of AL and ML can have in the finance sector-

●???????Improved customer experiences:

We all despise the long lines, long lunch breaks, and time and energy spent in a bank. Well AI has a solution to that since AI is capable of providing digital assistance and understanding the emotions and tones of humans. It can be used to improve the customer availing of the service, they can get a one-on-one remedy to their queries and worries with features like chatbots. ?

●???????Fraud detection:

Banks are at a high risk of fraudulent practices because of the collected data and monetary value it acquires under one roof. AI can save the day as it will be able to scan transactions and identify any irregularities in the behavioural patterns of users and take action accordingly.

●???????Digital Payment Options:

AI would allow customers to pay digitally. This will help them in keeping a track of their transactions and reduce the risk of fraud by providing secure payment getaways.?

●???????Financial advice:

As a collector of data, learning from the behavioural pattern is the key feature of AI and ML, it can help customers to keep a track of their budget and spending pattern. With the help of the data, it can offer customized financial advice to people.

AI and ML are still very new technologies in the picture. Their potential is still being tried by various global tech companies. Many still have reservations about the unethical breaching of privacy that would be inevitable with the implementation of AI and ML. And yet one cannot pretend to snooze the opportunities it has to offer. It is essential therefore that before the actual implementation, the loops and concerns regarding it be rightly addressed. So, who knows when AI and ML will become the staple in the new world.

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Editorial Team

Advent Biztech Solutions