Use Cases for AI in Finance

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In every sector, artificial intelligence (AI) is getting into everyday operations to streamline tasks, consolidate information and data and identify anomalous activities. AI is particularly impactful in the financial sector. It’s transforming everything, from financial planning to the prevention of fraud to loan underwriting.

AI is most commonly used in finance to automate repetitive high-frequency, high-frequency work. This reduces human errors and allows resources to be used for other strategic tasks. For example, robotic process automation can reduce manual data entry by 50 to 70% and cut costs. AI can aid in speeding up market research, predict investment growth, and evaluate risk by identifying unusual information and alerting users with real-time notifications.

Other use cases for AI in finance include preventing cyberattacks and financial crimes. Fraudulent transactions cost billions of dollars each year. AI can assist in identifying suspicious patterns in large databases. With deep learning and other advanced algorithms, AI can help identify fraudulent transactions before they’re completed, for instance, when a loan application for a car is discovered to be out of compliance with the company’s guidelines.

Finally, AI is a crucial element in providing 24/7 support to customers by aiding them in navigating their financial services effortlessly via chatbots and voice commands. These AI-powered virtual assistants allow customers to access information about their accounts, check transaction history, and gain personalized insights by simply asking questions in natural English – there is no need to ask complicated questions or transaction codes. These assistants can also provide personal and personalised recommendations on additional savings, investments, insurance, and much more.