What 2023 Holds For AI Technology

What 2023 holds for artificial intelligence (AI) technology is anyone's guess - with advancements happening on an almost daily basis in this dynamic and ever-evolving field, which direction will AI head in the new year?

We can certainly expect AI technologies to become increasingly scalable and powerful, with the potential to revolutionise fields such as healthcare, finance, energy, transport and more. In 2022, the global AI market was valued at $136 billion and is projected to grow to over $1.5 trillion by 2030.?

As AI continues to show great promise for innovating and optimising business systems, many organisations are set to start investing heavily in 2023 if they have not already begun investing now.?

In November 2022, the latest emergence of ChatGPT, an AI software innovation developed by OpenAI in the United States, took the world by storm. Representing a paradigm shift in the field of language processing, this chatbot gained popularity for its impressive role as a conversational AI assistant. This viral sensation has been critiqued across the globe with some praising its breakthrough in accessibility of information, whilst others are concerned about it replacing humans in frontline support roles. People have also pronounced its potential to be ‘the Google of the future’! It will undeniably be interesting to see how people and businesses adopt ChatGPT moving forward, and whether it will truly have an incredible impact on how we process our day-to-day interactions.

I guess we will find out very soon...

Predictions for AI in the Finance Industry

The Fintech industry is booming with greater accessibility, enhanced speed and user-friendly features. Fintech providers are paving the way for a new form of financial inclusion that could empower individuals across Australia.

The financial sector is certainly anticipated to continue on the AI bandwagon in 2023. With advancements in AI tools that can automate mundane tasks, analyse data streams rapidly and accurately, and provide predictive insights - all while delivering impeccable customer service and superior decision-making on behalf of businesses - the possibilities are endless!

Each of these opportunities have an immense potential to transform the way we think about finance over the coming years and will likely help to drive exponential growth in the industry.

Here at LoanOptions.ai, we have effectively created a co-dependency between finance and AI technology where the consumer and financial institutions can transform how they transact business in the modern world. Our AI-powered loan comparison platform takes seconds to transform the way everyday borrowers undertake the search for financing, and offers businesses a new and improved quoting tool that can be embedded natively in their website.?

Our Founder and Director, Julian Fayad, predicts that there are many more exciting opportunities for LoanOptions and the Fintech industry in 2023.??

“2023 is the year that finance businesses can access cutting edge technology supercharged by AI that can be embedded and branded natively on their site. This will help them generate active and passive income streams as well as helping them scale & diversify their business and allow them to become “recession proof”. The leap forward in this type of tech means that we can lead the digital transformation of finance businesses by turning a tired old website into a cutting edge lead generation and application capture platform. Thus enabling an 'always open' 24/7 online shop front for their clients to engage and self serve.”

A new year always promises to bring a host of new solutions and capabilities. Our LoanOptions' family are beyond excited to see how AI can shape our industry and take us forward into the future in ways we’ve never imagined. Let’s keep the wheels turning!