The world of technology has evolved at a breakneck pace over the course of the last half a decade or so, and some of the technologies that have evolved have the potential of upending entire industries. One of those new technologies is artificial intelligence or AI, and over the past couple of years, it has been successfully used across a wide range of industries. The finance industry has always been quick to adopt the latest technologies, and it has paid rich dividends throughout the industry’s history. In the same vein, the finance industry has also embraced AI. At the end of the day, all the firms in the industry are looking for that edge that can give them a distinct advantage and hence, it is not a surprise that AI is now such an integral part of the industry.
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However, one of the experts in the industry believes that the best of AI is yet to come with regards to the finance industry. The individual in question is the managing director of the banking division at Gobeyond Partners, Jonathan Shawcross. At this point in time, AI is primarily used by banks to feed data and then get actionable insights. However, the future is going to be a lot different. Shawcross said,
The truly transformational applications of AI are still very much ahead of us. We should expect to see large financial institutions really beginning to deploy highly intelligent, fast learning systems to reduce friction in both sales and service experiences.
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The finance industry is known for using the latest technology in order to ensure that it uses all resources available in order to gain even a minuscule advantage over rivals. To that end, some of the biggest banks in the world like, Lloyds Banking Group have created dedicated divisions which are specifically meant for conducting research on AI and finding out ways in which it can be deployed. On the other hand, it is also interesting to note that some banks have also stepped into partnerships with tech firms which are involved in AI in a big way. Over the course of upcoming years, these collaborations will only be strengthened as more and more banks look to gain advantage through the thoughtful use of AI. It is the next big wave, and it would not be a surprise if it manages to have a profound effect on the world of finance.
