Artificial Intelligence has taken charge in every major sectors and financial sector is no exception. Needless to say, they gear up the operations to give accurate solutions for all the problems. The various firms in financial sectors are on their way to upgrade themselves to play according to the new challenges and opportunities.
AI can minimise the involvement of humans, thereby reducing human errors, improve security and ensure that the business is moving in the right direction. There are no limits of innovation to solve problems, when it comes to AI driven machines.
The blog discusses few areas in finance, where AI can improve operations.
Risk Assessment and Management
A lot of people would apply for loans and financial aids in institutions like banks. It is important for these institutions to check if the applicant is a potential loanee, who can repay the loan in given amount of time. A clear check of this will prevent the bank from having bad loans. This can be done with powerful AI ML tools like DataCivet (by IVA). The data of the applicant, including his previous financial dealings, income, assets etc are processed by the tool to give the prediction if the applicant will turn out to be a potential client.
Fraud Detection
Financial sector is always vulnerable to frauds and it is important they are kept in check to prevent lose of capital. This can be done with the help of AI, by input of desired data.
Stock Market Investing and Trading
The movement of price of stocks in the market follow certain trends and patterns. These trends and patterns can be identified by AI, with the help of already existing indicators. The stock suggested would be accurate (if not vulnerable to unexpected occurrences in the market). Most of the broker platforms are already incorporating this new technology.
Preventing Cyber Attacks
The financial sector is also vulnerable to cyber attacks that would cause trouble for the firm and the users. The trouble might cause lost of huge amount of money, trust and credibility. Therefore it is important for financial firms to have good cyber securities. The latest development of AI can be incorporated for efficient prevention of such attacks.
24/7 Customer Interaction
Today, there is no hour that is not a live hour. The customer can ask you queries anytime. A human respondent may not be available all the time to answer. This can be solved with implementing AI Virtual Assistants. AI is the future of Financial sector and the change is already here.
