摘要： Computing advances and data expansion have suddenly made AI part of everyday life and an invaluable tool for almost every industry. Healthcare, manufacturing, transportation, law enforcement, national defense, and education all stand on the precipice of revolutions due to AI’s evolution – but perhaps no field is so perfectly suited to incorporate its potential as financial services.
Artificial intelligence now allows institutions to fully assess a wide array of available data with analytical/predictive algorithms that provide insight and solutions for fraud prevention, cyber-security, lead generation, and most notably, investment operations.
Automated robo-advisers already have about $3 trillion in assets under management, and that figure is expected to hit $16 trillion by 2025. But perhaps the most fertile niche for AI expansion is personal finance.
Standing at the nexus of consumer expectation and emerging tech abilities, AI-driven personal financial services will supply tailored products, customized advice, and 24/7 service to individual clients, driving expanded bank business and democratization of the investor class. Let’s see how this aspect of fintech is taking shape, what it means, and how it will be implemented.
DEFINING THE AI FINTECH REVOLUTION
Since the days of the abacus, no domain has so heavily relied on crunching numbers as the financial industry. From actuarial tables to demand curves to P/E ratios, empirical data has driven investment and shaped the global economy. But today’s explosion of available information and the means to dissect it has rendered most business intelligence analytics obsolete.
Rather than looking backward at institutional efforts to determine what worked in the past, AI offers the opportunity to expand data sets exponentially, analyze limitless individual elements, and generate algorithms that can interactively monitor all operations in real-time while running millions of predictive/reactive models to guide market choices.
These advances promise to enhance security, optimize operations, and improve customer service. This is why 80% of banks highly anticipate fintech’s AI advantage. But how will they put it to work?
AI FINANCIAL APPLICATIONS
Incorporating emerging technology is nothing new to the financial sector; electronic transfers, credit card networks, SWIFT codes, digital trading, and ATMs were all cutting-edge when adopted.
More recently, consumers have moved to online banking, and online accounting has proven to be one of the most important strategies for simplifying small business operations. Yet, no previous technology advance held the potential to reimagine so many aspects of banking as artificial intelligence.
By harnessing the power of processors and data, AI streamlines repetitive processes, automates tasks, prepares for infinite possibilities, and is equipped to handle fluctuations in ways well beyond pre-programmed possibilities. These toolsets, in turn, facilitate anomaly detection, opportunity anticipation, and superior customer service that will reshape the industry in several ways:
One of AI’s primary strengths is digesting enormous amounts of data to assimilate expectations and root-out patterns overlooked by human analysts. This allows easier identification of fraudulent practices, quick detection of cyberattacks, and automated identification of illicit practices like money laundering. Expansion of such AI methods by the banking industry could save institutions $447 billion by 2023.
This is the richest area for fintech expansion, as it’s not merely an improvement upon current operations but a whole new field enabled by tech advances. With the ability to analyze extensive consumer data and deploy adaptive machine learning that extracts lessons from millions of cases and tailors them to singular situations, artificial intelligence can supply individual consumers with automated financial monitoring, counseling, and investment, as discussed further below.
From baseline improvements like accelerated document processing and timely fact verification to complex algorithmic trading adjustments and the expansion of lead generation fueled by data mining results, AI offers solutions to provide financial institutions greater efficiency and more profits and clients.
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