Artificial Intelligence is changing how we handle finances every day. For instance, Robo advisors manage retirement funds; chatbots can simultaneously suggest ways to improve your overall credit score. Who would have believed this if we had stated it in 1995? The hype that we see for AI in finance sector is not imaginary; here are statistics that give this hype firm ground to stand.
- Algorithmic trading, backed by artificial intelligence, currently accounts for over 70% of total US stock market turnover.
- AI-powered fraud detection systems detect 90% of financial crimes, protecting your money from criminal actors.
- The global AI in the finance industry is predicted to reach $26.6 billion by 2026, increasing at 22.9% annually.
In this article, we will explore more about the use cases of AI in finance, following with a little message for the leaders in the finance sector.
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Why CEOs Should Care About Implementing New Technologies in Finance
Whether it is the finance sector or any other sector, one thing is common among the leading companies in those sectors: constantly implementing and evolving with new technologies. If not a CEO, who else would think about the growth of the company or gain an advantage with the help of any means possible to become the leading organization in the market? Putting it more simply, a CEO’s involvement in understanding and implementing the latest technologies in the market is essential for the following three reasons.
- Supercharge your growth
- Outsmart the competition
- Future-proof your business
Additionally, Artificial Intelligence holds the potential to expand your business into new markets and help you stand firm against cyber threats. In short, AI is a reliable investment that can help you avoid uncertainty.
If you are a leader who hasn’t priorly implemented any of the latest technologies in the business or you don’t have much idea about the possibility of how implementing AI in finance can uplift your business, you can take the help of the companies that can help you with the consulting of artificial intelligence. Don’t worry; we have also covered that part in this article. After discussing these exceptional use cases of AI in the finance sector, we will get to that part.
Top 5 Jaw-Dropping Use Cases of AI in Finance
Now, let’s address why the majority of you started reading this article. Leaving those comfortable but hectic methods behind, the Finance sector embraces Artificial Intelligence. Here are the top 5 jaw-dropping ways AI is shaking up the finance world:
- Robo-Advisors on Steroids: Robo-advisors are heavily dependent on artificial intelligence to give personalized answers to your financial queries, such as investment plans, risk tolerance, etc. Compared to traditional human advisors, these robo-advisors cost less. Moreover, according to the report of Statista, assets under management in the robo-advisors market are projected to reach US$1802 billion in 2024.
- Fraud Busters with Superpowers: AI-powered fraud detection systems save billions, keeping organizations’ transactions and storage secure and restricting, on average, 90% of attempts of financial crime.
- Algorithmic Trading on Autopilot: Analyzing market data and making trades that can make maximum profit are easy and regular tasks for AI-powered trading bots. And the surprising fact is that it handles over 70% of all US stock market volume.
- Chatbots – Your 24/7 Financial BFF: Standing in line for hours to ask your bank simple questions about your own accounts has become ancient. Nowadays, AI chatbots are there to answer users’ questions 24/7. They can also be programmed to answer budgeting tips and help the account holder plan for retirement without being dismissive.
- Personalized Insurance – No More One-Size-Fits-All Snoozefest: You don’t need to pay more for unnecessary coverages with the help of personalized AI-powered insurance policies that can track your health data and dietary habits. Based on that, it can suggest to you which coverages are necessary for you and which are not.
Here, we are done with the top jaw-dropping use cases of AI in finance sector. So, now you have a blurred idea about what AI can do to help you in your business. However, if you are still unsure, the next section is specifically planned for you.
How can AI Consulting Services Assist Financial Organizations?
Yes, it is complex. We understand that it is difficult for businesses to start implementing AI in financial processes at once without having any idea about the ROI that it can offer. Thus, leveraging the help of AI consulting services can be proven to be the wisest choice for you.
These Artificial Intelligence consultants have the capability and the team to answer your queries and bring your idea into existence.
Here are the top 2 needs that you must seek at the initial stage:
- Strategic Guidance and Roadmap: AI consultants can maximize the return on AI investment. They can help your organization by assessing current infrastructure, identifying high-impact use cases, and creating a personalized roadmap for achievable goals and resource allocation.
- Technical Expertise and Implementation Support: This consultant can offer their expertise to help your business select the AI tools and algorithms that are right for your goals. Later, you can achieve your goals with their help in building data pipelines and integrating AI solutions seamlessly into existing systems for efficient deployment.
Artificial Intelligence consulting can be a valuable resource for financial organizations seeking to maximize AI Development. Such companies with expertise in artificial intelligence can help your organization improve operations, manage risk, and create customized customer experiences.
Message for Leaders
A message for the leaders in the finance industry is very direct, “Keep your curiosity ignited, your learning specs on, and seize this opportunity immediately.” It is not a coincidence that this article with such actionable insights is on your screen right now. To shape the future of global finance, we, in unison, need to innovate, adapt and repeat.
We hope this article helped you and won’t mind sharing it with your colleague or business partner who you think needs to be convinced.
