Artificial Intelligence & Finance Sector
Feb 16, 2019 By Admin
Artificial Intelligence and the finance industry is a match made in heaven. The financial sector relies heavily on accuracy, real-time reporting and processing high volumes of quantitative data to make decisions, all areas intelligent machines excel in and all this is done using Artificial Intelligence.
As the industry takes note of Artificial Intelligence's efficiency and accuracy, it is rapidly implementing automation, chatbots, adaptive intelligence, algorithmic trading and machine learning into financial processes. A few experts are skeptic with the current level of Artificial Intelligence algorithms but many are happily using it and advising the skeptic ones that the case of artificial intelligence is quite strong.
One of the biggest financial trends of 2018 is the robo-advisor, automated portfolio managing software that uses AI and algorithms to scan data in the markets and predict the best stock or portfolio based on preferences. Wealth management firms are turning towards robo-advisors, not only because it saves both the company and client time and money, but it also produces some extraordinary returns.
Another trend is Automation, which automates processes to manage tasks like understanding new rules, and regulations or creating personalized financial reports for individuals.
Further there is Transaction Data Enrichment (TDE), this is an important part of financial management, both for financial institutions and consumers. TDE uses machine learning and artificial intelligence to decipher unintelligible strings of characters that represent transactions and merchants and converts them to readable text that shows each merchant’s name and lists their address and city. It shows the local merchant’s location, rather than the central corporate office.
This method of turning hard-to-understand data into easy-to-read information, helps big corporations, banks and customers to understand where they spent their money and with whom. It reduces both customer support calls and fraud research costs, because the customers can tell what they bought and where they bought it. This reduces the number of people calling about mystery charges on their credit card bill, because they understand what those charges mean. Thus helping in fraud research and cost reduction.
Published by : RAKESH KANWAR & CO.
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