All over the world across all industries, artificial intelligence (AI) is making its way into day-to-day operations to reduce the amount of work to consolidate data and information and detect anomalous activity. AI is particularly impactful in the finance sector. It’s changing everything from financial planning to fraud prevention to loan underwriting.

AI is commonly used in finance to automate repetitive tasks that require high frequency. This reduces human errors and allows resources to be allocated to other strategic tasks. For example, robotic process automation can reduce the manual data entry process by 50-70% and cut costs. AI can speed up market research, forecast growth in investment, and evaluate risk by identifying unusual information and alerting users via real-time notifications.

Other use cases for AI in finance include the prevention of cyberattacks and financial crime. Fraudulent transactions could result in billions of dollars lost every year, and AI is a game changer as it can analyze large amounts of data quickly to spot suspicious patterns. AI can detect fraudulent transactions through deep learning as well as other sophisticated algorithm. For instance, when an application for a car loan is discovered to be out of compliance with the company’s rules.

AI is also a vital element in providing 24/7 support to customers, assisting them to navigate financial services via chatbots and voice. AI-powered virtual assistants let customers access account information, check the history of transactions, and gain specific insights by asking simple questions using natural language. These assistants can also provide personalized and proactive recommendations on additional savings or investments, insurance and much more.

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