Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.
The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives.
One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.
Ways AI Can Transform Finance
AI has the potential to transform the financial services industry forever. This can take shape in many forms, the most obvious being risk assessment.
One of the main benefits of AI is its ability to process wide swaths of data, which makes it ideal for financial bookkeeping and records.
For example, as this information is data driven, scanning through these records gives AI the ability to make a recommendation of loan and credit offerings which make historical sense.
Another area for AI to shine is fraud detection and management. It can analyze past spending behaviors on different transaction instruments to point out odd behavior or fraud.
Machine learning also holds tremendous potential, which is defined as an application of AI that looks to automatically learn and improve from experience without being explicitly programmed.
Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.
Finally, AI can also assist humans in managing finance. Properly managing finances can be a challenging task on a personal or corporate level.
From a small-scale investment to a large-scale investment, AI can establish itself as a watchdog for the future for managing finances.