Why AI Is the Next Step In Digitization Of the Finance Sector

With the rapid advancement of technology, human lives have undergone a phenomenal change. By leveraging a slew of revolutionary next-gen technologies such as AI, ML, and Big Data, we are venturing into a new age of innovation wherein Industries across the spectrum are automating manual processes. This has helped in making our lives easier and seamless to a significant extent. The financial industry has also embraced this widespread digitization. Artificial Intelligence has emerged as the flagbearer of this contemporary digital transformation. As per a report by Mckinsey Global Institute, it has been estimated that utilizing AI to enhance core banking functions and provide customized services to customers across the globe will extend a value of over $250 million across the industry.

A plethora of new-age tools such as voice assistants, chatbots, process automation, and predictive analytics are redefining financial services as we speak. And this is merely the start. As we move to the next frontier of technological discovery, and research and development, let us delve into the role of AI in disrupting the financial sector, its impact on businesses, and how it unravels a new vista of unique opportunities.

The financial industry is…