THE STUDY OF MONEY AND AI: A NEW ERA MANY DIFFERENT KINDS OF FINANCIAL SERVICES MAY BENEFIT FROM THE USE OF AI
Description
The field of artificial intelligence is seeing explosive growth, and it would seem that no single business or market segment has been immune to the influence and pervasiveness of this field. The realms of finance and banking are among those investigating significant new applications for the power offered by this paradigm shifting technology. The use of AI has facilitated the streamlining of operational procedures, eliminating mundane tasks, enhancing customer satisfaction, and the growth of businesses’ bottom lines. By 2023, financial institutions and banks are expected to save $447 billion thanks to the use of AI, according to a report by Business Insider. Eighty percent of financial institutions are aware of the potential advantages that AI might provide, but the significance of AI has significantly grown as a result of the widespread influence that COVID-19 has had. The repercussions of this have been felt throughout the financial sector, and as a direct result, an increased number of customers have been motivated to embrace the digital experience. According to Mani Naga Sundaram, senior vice president and vice president of solutions of international economy services at HCL Technologies, who was recently quoted in an article published by AI News, banks and other financial institutions are required to respond to customers at even faster rates and at all hours of the day and night. Mani Naga Sundaram’s comments were made in response to the fact that banks and other financial institutions must respond to customers all day and night. Freeing up workers, bolstering safety precautions, and ensuring that a business is moving in the right direction in terms of technical progress and creative thinking are all possible with the help of artificial intelligence.